A periodic review integrated inventory model for buyer’s unidentified protection interval demand distribution
Nowadays, considering inflation observed in most societies, it is important to investigate on effect of this phenomenon on inventory/production decisions. Consequently, the paper aims to study the influence of inflationary condition on a specific periodic review integrated vendor–buyer inventory sys...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Taylor & Francis Group
2016-12-01
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| Series: | Cogent Engineering |
| Subjects: | |
| Online Access: | http://dx.doi.org/10.1080/23311916.2016.1206689 |
| _version_ | 1797712949335293952 |
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| author | Hesamoddin Tahami Abolfazl Mirzazadeh Alireza Arshadi-khamseh Aref Gholami-Qadikolaei |
| author_facet | Hesamoddin Tahami Abolfazl Mirzazadeh Alireza Arshadi-khamseh Aref Gholami-Qadikolaei |
| author_sort | Hesamoddin Tahami |
| collection | DOAJ |
| description | Nowadays, considering inflation observed in most societies, it is important to investigate on effect of this phenomenon on inventory/production decisions. Consequently, the paper aims to study the influence of inflationary condition on a specific periodic review integrated vendor–buyer inventory system in the presence of vendor’s imperfect manufacturing process. The lead time crashing cost is represented as a piecewise linear function of reduced lead time. In practice, the identification of the protection interval demand distribution of restricted data is a difficult task. As a result, this investigation assumes that the information about the protection interval demand for buyer is limited to its mean and standard deviation. Buyer’s ordering cost can be reduced through further investment. For the discussed model, an effective solution procedure is developed to determine optimal policy. Theorems on conditional convexity and concavity of objective cost function in the decision variables of the respective inflationary integrated inventory system are shown and proved. A numerical example is presented to illustrate the results of the proposed model. |
| first_indexed | 2024-03-12T07:29:18Z |
| format | Article |
| id | doaj.art-7d23c891119f4b97834f1a9a857a8afb |
| institution | Directory Open Access Journal |
| issn | 2331-1916 |
| language | English |
| last_indexed | 2024-03-12T07:29:18Z |
| publishDate | 2016-12-01 |
| publisher | Taylor & Francis Group |
| record_format | Article |
| series | Cogent Engineering |
| spelling | doaj.art-7d23c891119f4b97834f1a9a857a8afb2023-09-02T21:56:04ZengTaylor & Francis GroupCogent Engineering2331-19162016-12-013110.1080/23311916.2016.12066891206689A periodic review integrated inventory model for buyer’s unidentified protection interval demand distributionHesamoddin Tahami0Abolfazl Mirzazadeh1Alireza Arshadi-khamseh2Aref Gholami-Qadikolaei3Kharazmi UniversityKharazmi UniversityKharazmi UniversityKharazmi UniversityNowadays, considering inflation observed in most societies, it is important to investigate on effect of this phenomenon on inventory/production decisions. Consequently, the paper aims to study the influence of inflationary condition on a specific periodic review integrated vendor–buyer inventory system in the presence of vendor’s imperfect manufacturing process. The lead time crashing cost is represented as a piecewise linear function of reduced lead time. In practice, the identification of the protection interval demand distribution of restricted data is a difficult task. As a result, this investigation assumes that the information about the protection interval demand for buyer is limited to its mean and standard deviation. Buyer’s ordering cost can be reduced through further investment. For the discussed model, an effective solution procedure is developed to determine optimal policy. Theorems on conditional convexity and concavity of objective cost function in the decision variables of the respective inflationary integrated inventory system are shown and proved. A numerical example is presented to illustrate the results of the proposed model.http://dx.doi.org/10.1080/23311916.2016.1206689supply chainintegrated vendor–buyer inventory modelperiodic reviewlead timeordering costinflationnonlinear stochastic optimization, costing and pricing |
| spellingShingle | Hesamoddin Tahami Abolfazl Mirzazadeh Alireza Arshadi-khamseh Aref Gholami-Qadikolaei A periodic review integrated inventory model for buyer’s unidentified protection interval demand distribution Cogent Engineering supply chain integrated vendor–buyer inventory model periodic review lead time ordering cost inflation nonlinear stochastic optimization, costing and pricing |
| title | A periodic review integrated inventory model for buyer’s unidentified protection interval demand distribution |
| title_full | A periodic review integrated inventory model for buyer’s unidentified protection interval demand distribution |
| title_fullStr | A periodic review integrated inventory model for buyer’s unidentified protection interval demand distribution |
| title_full_unstemmed | A periodic review integrated inventory model for buyer’s unidentified protection interval demand distribution |
| title_short | A periodic review integrated inventory model for buyer’s unidentified protection interval demand distribution |
| title_sort | periodic review integrated inventory model for buyer s unidentified protection interval demand distribution |
| topic | supply chain integrated vendor–buyer inventory model periodic review lead time ordering cost inflation nonlinear stochastic optimization, costing and pricing |
| url | http://dx.doi.org/10.1080/23311916.2016.1206689 |
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