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Optimal inventory replenishment policy for the EPQ model under trade credit derived without derivatives
Ist Teil von
International journal of systems science, 2008-05, Vol.39 (5), p.539-546
Ort / Verlag
London: Taylor & Francis Group
Erscheinungsjahr
2008
Link zum Volltext
Quelle
Taylor & Francis Journals Auto-Holdings Collection
Beschreibungen/Notizen
Within the economic production quantity (EPQ) framework, the main purpose of this article is to deal with Chung and Huang's model (K.J. Chung, and Y.F. Huang,"The optimal cycle time for EPQ inventory model under permissible delay in payments," Int. J. Prod. Econ., 84, pp. 307-318, 2003) and extend Chung and Huang's model (2003) by considering the unit selling price higher than the unit purchasing cost using the algebraic method to determine the optimal inventory replenishment policy for the retailer under trade credit. This article provides this algebraic approach which could be used easily to introduce the basic inventory theories to younger students who lack the knowledge of calculus. In addition, we develop an easy-to-use procedure to find the optimal inventory replenishment policy for the retailer in the extended model developed in this article. Finally, numerical examples are given to illustrate the result obtained in our extended model.