Paper Info
Title
Optimal procurement and pricing policies for inventory models with price and time dependent seasonal demand
Abstract
In day to day life, one observes that many commodities have a seasonal demand pattern, where demand rate depends upon both price and time. A common observation is that in the event of shortage, the proportion of customers who will wait to purchase the item decreases as the waiting time increases. In this paper, we consider a deterministic inventory model that incorporates these aspects when the product under consideration has general price and time dependent seasonal demand rate. Inventory once ordered can be used for more than one season. Order for replenishment is placed at the end of the season in which inventory depletes completely. The period of shortage cannot exceed one season. Backlog of shortages is time dependent. Conditions for optimality of the net profit function for pricing and procurement decisions are discussed. The solution procedure, numerical examples and sensitivity analysis are presented.
Year
DOI
Venue
2010
10.1016/j.mcm.2009.10.022
Mathematical and Computer Modelling
Keywords
DocType
Volume
common observation,time dependent seasonal demand,pricing,time dependent partial backlogging,time increase,optimal procurement,inventory,item decrease,deterministic inventory model,seasonal demand,pricing policy,seasonal demand pattern,day life,general price,numerical example,time and price dependent demand,demand rate,sensitivity analysis,seasonality,profitability
Journal
51
Issue
ISSN
Citations 
5-6
Mathematical and Computer Modelling
6
PageRank 
References 
Authors
0.51
6
2
Name
Order
Citations
PageRank
Snigdha Banerjee1132.75
Ashish Sharma280.89