A single period inventory model for incorporating two-ordering opportunities under imprecise demand information

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...

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Bibliographic Details
Main Author: G. C. Mahata
Format: Article
Language:English
Published: Growing Science 2011-04-01
Series:International Journal of Industrial Engineering Computations
Subjects:
Single-period inventory
Fuzzy demand
Reordering strategy
Profit maximization
Online Access:http://www.growingscience.com/ijiec/Vol2/IJIEC_2010_45.pdf
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spelling doaj-76a6d1ec3d46466fadbb43ea7dafc3a62020-11-24T21:07:54ZengGrowing ScienceInternational Journal of Industrial Engineering Computations1923-29261923-29342011-04-0122385394A single period inventory model for incorporating two-ordering opportunities under imprecise demand informationG. C. MahataThe 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. http://www.growingscience.com/ijiec/Vol2/IJIEC_2010_45.pdfSingle-period inventoryFuzzy demandReordering strategyProfit maximization
collection DOAJ
language English
format Article
sources DOAJ
author G. C. Mahata
spellingShingle G. C. Mahata
A single period inventory model for incorporating two-ordering opportunities under imprecise demand information
International Journal of Industrial Engineering Computations
Single-period inventory
Fuzzy demand
Reordering strategy
Profit maximization
author_facet G. C. Mahata
author_sort G. C. Mahata
title A single period inventory model for incorporating two-ordering opportunities under imprecise demand information
title_short A single period inventory model for incorporating two-ordering opportunities under imprecise demand information
title_full A single period inventory model for incorporating two-ordering opportunities under imprecise demand information
title_fullStr A single period inventory model for incorporating two-ordering opportunities under imprecise demand information
title_full_unstemmed A single period inventory model for incorporating two-ordering opportunities under imprecise demand information
title_sort single period inventory model for incorporating two-ordering opportunities under imprecise demand information
publisher Growing Science
series International Journal of Industrial Engineering Computations
issn 1923-2926
1923-2934
publishDate 2011-04-01
description 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.
topic Single-period inventory
Fuzzy demand
Reordering strategy
Profit maximization
url http://www.growingscience.com/ijiec/Vol2/IJIEC_2010_45.pdf
work_keys_str_mv AT gcmahata asingleperiodinventorymodelforincorporatingtwoorderingopportunitiesunderimprecisedemandinformation
AT gcmahata singleperiodinventorymodelforincorporatingtwoorderingopportunitiesunderimprecisedemandinformation
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