Product Replacement Policy in a Production Inventory Model with Replacement Period-, Stock-, and Price-Dependent Demand
Joint Authors
Das, Subhajit
Abualnaja, Kholod M.
Manna, Amalesh Kumar
Mahmoud, Emad E.
Abdel-Aty, Abdel-Haleem
Shaikh, Ali Akbar
Source
Issue
Vol. 2020, Issue 2020 (31 Dec. 2020), pp.1-8, 8 p.
Publisher
Hindawi Publishing Corporation
Publication Date
2020-12-29
Country of Publication
Egypt
No. of Pages
8
Main Subjects
Abstract EN
In the competitive market situation, several companies confer various types of incentives and facilities during product sell to their customers with certain terms and conditions.
For the products such as mobile, TV, water purifiers, marshal products, and many more, its corresponding companies offer replacement facility during the guarantee period to enhance the customers’ demand.
In this study, we have formulated a production inventory model with considering product’s replacement facility of the failure product within guarantee periods to their customers.
This work also leads two vital assumptions: (i) customers’ demand is depending on the replacement period, stock level, and selling price of the product and (ii) the rate of replacement loss of manufacturer’s capital is dependent on the replacement period, and it is a nonlinear function.
Since the corresponding optimization problem is highly nonlinear, we have solved it by MATHEMATICA software.
The concavity of the centre of interval-valued average profit of the proposed model is shown graphically.
In order to justify the validity of the proposed model, a numerical example is considered and solved.
Finally, the sensitivity analyses are carried out with respect to the different model parameters.
American Psychological Association (APA)
Das, Subhajit& Manna, Amalesh Kumar& Mahmoud, Emad E.& Abualnaja, Kholod M.& Abdel-Aty, Abdel-Haleem& Shaikh, Ali Akbar. 2020. Product Replacement Policy in a Production Inventory Model with Replacement Period-, Stock-, and Price-Dependent Demand. Journal of Mathematics،Vol. 2020, no. 2020, pp.1-8.
https://search.emarefa.net/detail/BIM-1188140
Modern Language Association (MLA)
Das, Subhajit…[et al.]. Product Replacement Policy in a Production Inventory Model with Replacement Period-, Stock-, and Price-Dependent Demand. Journal of Mathematics No. 2020 (2020), pp.1-8.
https://search.emarefa.net/detail/BIM-1188140
American Medical Association (AMA)
Das, Subhajit& Manna, Amalesh Kumar& Mahmoud, Emad E.& Abualnaja, Kholod M.& Abdel-Aty, Abdel-Haleem& Shaikh, Ali Akbar. Product Replacement Policy in a Production Inventory Model with Replacement Period-, Stock-, and Price-Dependent Demand. Journal of Mathematics. 2020. Vol. 2020, no. 2020, pp.1-8.
https://search.emarefa.net/detail/BIM-1188140
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references
Record ID
BIM-1188140