Product replacement policy in a production inventory model with replacement period-, stock-, and price-dependent demand
type: Item
instance of: scholarly article
title: Product replacement policy in a production inventory model with replacement period-, stock-, and price-dependent demand
zbMATH Open document ID: 1484.90004
DOI: 10.1155/2020/6697279
author: Subhajit Das
author: Amalesh Kumar Manna
author: Emad E. Mahmoud
author: Kholod M. Abualnaja
author: Abdel-Haleem Abdel-Aty
author: Ali Akbar Shaikh
published in: Journal of Mathematics
publication date: 2021-09-10T00:00:00Z
review text: Summary: In the competitive market situation, several companies confer various types of incentives and facilities during product sell to their customers with certain terms and conditions. For the products such as mobile, TV, water purifiers, marshal products, and many more, its corresponding companies offer replacement facility during the guarantee period to enhance the customers' demand. In this study, we have formulated a production inventory model with considering product's replacement facility of the failure product within guarantee periods to their customers. This work also leads two vital assumptions: (i) customers' demand is depending on the replacement period, stock level, and selling price of the product and (ii) the rate of replacement loss of manufacturer's capital is dependent on the replacement period, and it is a nonlinear function. Since the corresponding optimization problem is highly nonlinear, we have solved it by MATHEMATICA software. The concavity of the centre of interval-valued average profit of the proposed model is shown graphically. In order to justify the validity of the proposed model, a numerical example is considered and solved. Finally, the sensitivity analyses are carried out with respect to the different model parameters.
Mathematics Subject Classification ID: 90B05
Mathematics Subject Classification ID: 90B30
zbMATH DE Number: 7393922
describes a project that uses: Mathematica
MaRDI profile type: Publication
full work available at URL: https://doi.org/10.1155/2020/6697279
OpenAlex ID: W3118121196
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description: scientific article; zbMATH DE number 7393922