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2009, Volume 5, Issue 4: 867-880. Doi: 10.3934/jimo.2009.5.867
This issue Previous Article First-order optimality conditions for convex semi-infinite min-max programming with noncompact sets Next Article New sufficient global optimality conditions for linearly constrained bivalent quadratic optimization problems

A replenishment policy with defective products, backlog and delay of payments

  • 1.

    School of Economics and Management, Southwest Jiaotong University, Chengdu, Sichuan 610031

Received:  February 28, 2009
Revised:  June 30, 2009
Published:  September 2009
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    Abstract
  • This paper develops a model to determine an optimal replenishment policy with defective items and shortage backlogging under conditions of permissible delay of payments. It is assumed that 100% of each lot are screened to separate good and defective items which are classified as imperfect quality and scrap items. Difference between unit selling price and unit purchase cost is also included in our mathematical model and analysis. Under this assumption, we model the retailer's inventory system as an expected profit maximization problem to determine the retailer's optimal inventory cycle time and optimal order quantity. Then, a theorem is established to describe the optimal replenishment policy for the retailer. Finally, numerical examples are given to illustrate the theorem and obtain some managerial phenomena.
    Mathematics Subject Classification: 90B05.

    Citation:
    shu

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