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Journal of Statistics and Management Systems Volume 11, 2008 - Issue 6
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Original Articles

An ordering policy with a cost minimization procedure for deteriorating items under trade credit and time discounting

Kuo-Lung Hou Department of Business Administration and Graduate School of Management, The Overseas Chinese Institute of Technology, No. 100, Chiao Kwang Rd., Taichung, 407, Taiwan, R.O.C.Correspondence[email protected]
&
Li-Chiao Lin Department of Business Administration, National Chinyi University of Technology, Taichung County, 411, Taiwan, R.O.C.
Pages 1181-1194 | Received 01 Sep 2007, Published online: 14 Jun 2013
 
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Abstract

This paper follows the discounted cashflow (DCF) approach to investigate the inventory replenishment problem for deteriorating items taking account of inflation over a finite planning horizon. A deterministic inventory model with deterioration is developed when a delay in payments is permissible. In addition, an algorithm is developed to find the optimal number of replenishment, cycle time, and order quantity so that the total present value of costs is minimized. Finally, a numerical example is given to illustrate the results and the sensitivity analysis of parameters on the optimal solutions is carried out.

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