Optimal payment policy with price-dependent demand and three parameters dependent deterioration rate under the influence trade credit Online publication date: Sun, 01-May-2016
by Mukesh Kumar; Deo Datta Aarya
International Journal of Operational Research (IJOR), Vol. 26, No. 2, 2016
Abstract: In this paper we developed an inventory model for an optimal payment policy for deteriorating items under the influence of trade credit. Demand rate of the product is considered as the function of selling price. Here, we consider the deteriorating item that follows three-parameter Weibull distribution deterioration. Finally, the optimal solution is illustrated with help of numerical example and the sensitivity analysis is carried out with respect to different parameters.
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