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Journals / Hacettepe Journal of Mathematics and Statistics / 2020 / Cilt: 49 - Sayı: 3

An integrated vendor-buyer model with quadratic demand under inspection policy and preservation technology

Magfura PERVİN
Sankar Kumar ROY
Gerhard Wilhelm WEBER
Pages
1168–1189
Publication Date
2022-10-18
DOI
—
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

A sensitivity analysis is done to display the realistic applicability of our model and method.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:An integrated vendor-buyer model for deteriorating items is formulated in this study.
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Key Findings & Data:To control deterioration rate, the vendor adopts preservation technology.
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Conclusion & Impact:A sensitivity analysis is done to display the realistic applicability of our model and method.
🔬Design:Modeling & Simulation
📍Scope:Comprehensive Sample
⚙️Variables:Integrated inventory model · Quadratic demand · Inspection policy

Abstract

An integrated vendor-buyer model for deteriorating items is formulated in this study. To control deterioration rate, the vendor adopts preservation technology. Shortages are allowed for both vendor and buyer. During shortage period, the vendor simply doubles the production rate to meet the demand of buyer. The vendor's demand during non-shortage period follows a constant rate but, the demand is a quadratic decreasing function of time in shortage period. The buyer's demand is a quadratic increasing function of time when shortage does not occur but at shortages period, the demand is constant. The buyer accepts an inspection policy for imperfect product. Total cost is calculated for both the model and integrated system. Thereafter, the model is solved by minimizing the total cost. Numerical examples are given to show the applicability of the model. A sensitivity analysis is done to display the realistic applicability of our model and method.

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Cite This Article

PERVİN, M., ROY, S. K., WEBER, G. W. (2022). An integrated vendor-buyer model with quadratic demand under inspection policy and preservation technology. Hacettepe Journal of Mathematics and Statistics, Cilt: 49 - Sayı: 3, 1168–1189. https://ajindex.com/articles/529671

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