Chung-Yuan Dye and Tsu-Pang Hsieh
Abstract
Abstract
In this paper, we consider the effect of preservation technology cost investing on preservation equipment for reducing deterioration rate under two-level trade credit. The preservation technology cost is allowed for periodical upward or downward adjustments due to the time varying demand and the strategy of trade credit within the planning horizon. We establish a deterministic economic order quantity model for a retailer to determine his/her optimal preservation technology cost per replenishment cycle, the trade credit policies, the replenishment number and replenishment schedule that will maximize the present value of total profit. A traditional particle swarm optimization is coded and used to solve the mixed-integer nonlinear programming problem by employing the properties derived from this paper. Some numerical examples are used to illustrate the features of the
proposed model.
proposed model.
Key words: time-varying demand, deteriorating inventory, trade credit, preservation technology, particle swarm optimization
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