A single period inventory model for incorporating two-ordering opportunities under imprecise demand information
The ordering strategy for a single period inventory model is the key to achieve success in the competitive business environment. This article considers demand in a form of fuzzy number and discusses the SPIM in which the retailer has the opportunity to reorder once during the period. The entire peri...
Main Author: | |
---|---|
Format: | Article |
Language: | English |
Published: |
Growing Science
2011-04-01
|
Series: | International Journal of Industrial Engineering Computations |
Subjects: | |
Online Access: | http://www.growingscience.com/ijiec/Vol2/IJIEC_2010_45.pdf |
Summary: | The ordering strategy for a single period inventory model is the key to achieve success in the competitive business environment. This article considers demand in a form of fuzzy number and discusses the SPIM in which the retailer has the opportunity to reorder once during the period. The entire period/season is divided into two slots and the reorder is to be made during the mid-season after the early-season demand has been observed. The objective is to find the expected optimal order quantity together with profit maximization. We illustrate the implementation of the proposed model using a numerical example and explain that the explicit consideration of this reordering opportunity could lead us to better results in terms of profitability. |
---|---|
ISSN: | 1923-2926 1923-2934 |