Work

Optimal Replenishment Policy for Deteriorating Products in a Newsboy Problem with Multiple Just-in-Time Deliveries

Year: 2020

Type: article

Abstract: Product deterioration is a common phenomenon and is overlooked in most contemporary research on the newsboy problem. In this study, we have considered product deterioration in a production–inventory newsboy model based on multiple just-in-time (JIT) deliveries. This model is solved by a classical optimization technique for the manufacturer production size, wholesale price, replenishment plan, and retailer order policy using a distribution-free approach. Moreover, in order to improve business and entice more customers, a return policy and a post-sale warranty policy is adopted in the model. Theoretical development and numerical examples are provided to demonstrate the validity of this approach.

Source: Mathematics

DOI: 10.3390/math8111981

Authors: Abu Hashan Md Mashud, Hui-Ming Wee, Chiao-Ven Huang, Jei-Zheng Wu

Institutions: Hajee Mohammad Danesh Science and Technology University, Chung Yuan Christian University, Soochow University

Language: English

Topic: Supply Chain and Inventory Management

Subfield: Management Information Systems

Field: Business, Management and Accounting

Domain: Social Sciences

Open Access status: gold

Estimated APC paid: $1,267

Funders: Ministry of Science and Technology, Taiwan, Soochow University