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- Title
Enhancing Two-Warehouse Inventory Models for Perishable Goods: Time-Price Dependent Demand, Inflation, and Partial Backlogging.
- Authors
Pathak, Karan; Yadav, Ajay Singh; Agarwal, Priyanka
- Abstract
Depending on demand, the selling price is the price at which the goods are offered for sale in response to their demand level. It is a pricing strategy that considers the relationship between supply and demand. The two-warehouse inventory model in the proposed model deals with perishable goods. The demands for the goods are time- and pricedependent, taking inflationary impacts into account. To improve operational effectiveness and customer happiness, the model allows for partial backlogs of shortages. The proposed model uses a positive definite Hessian matrix condition to get the best quantity and cycle length while minimising the nonlinear average total cost. This research paper conducts a numerical evaluation of the highly nonlinear average total cost using MATLAB software. Additionally, the study includes an analysis of the robustness of the results through sensitivity analysis. The conclusion drawn from the study helps summarise the essential findings and highlights the efficiency of the proposed model.
- Subjects
PERISHABLE goods; PRICES; PRICE inflation; HESSIAN matrices; SUPPLY &; demand
- Publication
IAENG International Journal of Applied Mathematics, 2024, Vol 54, Issue 6, p1089
- ISSN
1992-9978
- Publication type
Article