✦ LIBER ✦

Probabilistic time-scheduling model for an exponentially decaying inventory when delays in payments are permissible

✍ Scribed by Nita.H. Shah

Publisher: Elsevier Science
Year: 1993
Tongue: English
Weight: 375 KB
Volume: 32
Category: Article
ISSN: 0925-5273
DOI: 10.1016/0925-5273(93)90009-a

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✦ Synopsis

A probabilistic

time-scheduling model is developed for an exponentially decaying inventory when the supplier offers some credit period T* for settling the accounts for the purchase quantity. The credit period T* is known constant. Mathematical models are derived for both the cases (i) T* < T and

(ii) T* > T.

Expressions are derived for the total average expected cost of the system, the optimum cycle time and the time for obtaining optimum order levels, S = S,, under each case. The model is illustrated in two particular forms.