Inventory Model with Fixed Shelf Life under Generalized Non-Increasing Demand

In this paper, we develop an economic order quantity (EOQ) model for fixed shelf-life items and a non-increasing demand. The objective of this model is to maximize the total profit. We find the criterion to decide (i) the interior maximum solution or (ii) the boundary maximum solution. Eight numeric...

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Autores principales:	Han-Wen Tuan, Kuo-Chen Hung, Gino K. Yang
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	inventory non-increasing demand shelf-life expiry date Mathematics QA1-939
Acceso en línea:	https://doaj.org/article/599bd3c2c9d449ccbfd5733dd46260f0
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spelling	oai:doaj.org-article:599bd3c2c9d449ccbfd5733dd46260f02021-11-11T18:17:07ZInventory Model with Fixed Shelf Life under Generalized Non-Increasing Demand10.3390/math92127352227-7390https://doaj.org/article/599bd3c2c9d449ccbfd5733dd46260f02021-10-01T00:00:00Zhttps://www.mdpi.com/2227-7390/9/21/2735https://doaj.org/toc/2227-7390In this paper, we develop an economic order quantity (EOQ) model for fixed shelf-life items and a non-increasing demand. The objective of this model is to maximize the total profit. We find the criterion to decide (i) the interior maximum solution or (ii) the boundary maximum solution. Eight numerical examples are given to illustrate all possible scenarios of this generalized model. Our results identify a scenario for which the maximum profit is always negative. This is highly relevant for firms in the public sector operating at a financial loss.Han-Wen TuanKuo-Chen HungGino K. YangMDPI AGarticleinventorynon-increasing demandshelf-lifeexpiry dateMathematicsQA1-939ENMathematics, Vol 9, Iss 2735, p 2735 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	inventory non-increasing demand shelf-life expiry date Mathematics QA1-939
spellingShingle	inventory non-increasing demand shelf-life expiry date Mathematics QA1-939 Han-Wen Tuan Kuo-Chen Hung Gino K. Yang Inventory Model with Fixed Shelf Life under Generalized Non-Increasing Demand
description	In this paper, we develop an economic order quantity (EOQ) model for fixed shelf-life items and a non-increasing demand. The objective of this model is to maximize the total profit. We find the criterion to decide (i) the interior maximum solution or (ii) the boundary maximum solution. Eight numerical examples are given to illustrate all possible scenarios of this generalized model. Our results identify a scenario for which the maximum profit is always negative. This is highly relevant for firms in the public sector operating at a financial loss.
format	article
author	Han-Wen Tuan Kuo-Chen Hung Gino K. Yang
author_facet	Han-Wen Tuan Kuo-Chen Hung Gino K. Yang
author_sort	Han-Wen Tuan
title	Inventory Model with Fixed Shelf Life under Generalized Non-Increasing Demand
title_short	Inventory Model with Fixed Shelf Life under Generalized Non-Increasing Demand
title_full	Inventory Model with Fixed Shelf Life under Generalized Non-Increasing Demand
title_fullStr	Inventory Model with Fixed Shelf Life under Generalized Non-Increasing Demand
title_full_unstemmed	Inventory Model with Fixed Shelf Life under Generalized Non-Increasing Demand
title_sort	inventory model with fixed shelf life under generalized non-increasing demand
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/599bd3c2c9d449ccbfd5733dd46260f0
work_keys_str_mv	AT hanwentuan inventorymodelwithfixedshelflifeundergeneralizednonincreasingdemand AT kuochenhung inventorymodelwithfixedshelflifeundergeneralizednonincreasingdemand AT ginokyang inventorymodelwithfixedshelflifeundergeneralizednonincreasingdemand
_version_	1718431886909374464

Inventory Model with Fixed Shelf Life under Generalized Non-Increasing Demand

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