 A Weibull distributed deteriorating inventory model with all-unit discount, advance payment and variable demand via different variants of PSOAvijit Duary, Tanmoy Banerjee, Ali Akbar Shaikh, Seyed Taghi Akhavan Niaki and Asoke Kumar Bhunia International Journal of Logistics Systems and Management, 2021, vol. 40, issue 2, 145-170 Abstract: The goal of this research is to formulate an inventory control problem of a single item with variable demand dependent on displayed stock level and selling price of the commodity. The item deteriorates based on a three-parameter Weibull distribution and advance payment is needed to purchase the item with the all-unit discount policy. Shortages are allowed partially and backlogged with the rate dependent on the length of customers' waiting time. The corresponding problem is formulated as a profit maximisation model. For solving this problem, four different variants of particle swarm optimisation (PSO) are utilised. Then, the application of the model is illustrated with the help of a numerical example. Finally, sensitivity analyses are carried out to study the impact of different parameters on optimal policies. Keywords: inventory; all-unit discount policy; Weibull distribution; variable demand; partial backlogging; particle swarm optimisation; PSO; advance payment. (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ids:ijlsma:v:40:y:2021:i:2:p:145-170 Access Statistics for this article More articles in International Journal of Logistics Systems and Management from Inderscience Enterprises Ltd |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.