economic ordering policy to control deteriorating medicinal products of uncertain demand with trade credit for healthcare industries
Year: 2022
Type: article
Abstract: In Healthcare industries, the most challenging problem for a decision maker is to develop an optimal inventory policy to estimate medicinal products with an uncertain scenario. The proposed model has been developed in such a way that it could provide an optimal policy for all relevant factors in the healthcare industry, such as uncertainty in demand, deterioration of products, preservation technology costs, shortages of products, inflation, and trade credit. The price and supply levels of some medicinal products have a substantial impact on the rate of consumption. Therefore, in this study, the demand function is dependent on price as well as stock, and the retailer invests in preservation technologies to decrease the deterioration of products. This leads to increased product demand, which benefits both the retailer and the supplier. In an attempt to bring the model closer to a real world problem, the variation in cost parameters over time is included in the fuzzy. The cost minimization technique is defuzzified using the signed distance method. Furthermore, the model has been demonstrated and validated with suitable numerical examples, and a sensitivity analysis has been provided.
Institutions: KR Mangalam University, Graphic Era University
Language: English
Field: Decision Sciences
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4280628652