2020, Vol. 5, Issue 1, Part A
A screening policy for an inventory model of decaying items with imperfect quality and price varying demand
Author(s): Sushil Kumar
Abstract: The present paper considers the study of an imperfect quality and screening policy for an inventory model of decaying items with price-varying demand. All defective items are screened by the retailer. The screening of defective items plays an important role in the optimization of a retailer's total profit/cost. Therefore, the inspection process of defective products is implemented by retailers assuming Type-I and Type-II errors. The inspection errors of Type-I and Type-II refer to a good product being assumed as defective and a defective product being assumed as good. The objective is to optimize the retailer's total inventory cost in the considered cycle length. The applicability of the model characteristics is demonstrated by a numerical example.
Pages: 86-94 | Views: 268 | Downloads: 58Download Full Article: Click HereHow to cite this article:
Sushil Kumar. A screening policy for an inventory model of decaying items with imperfect quality and price varying demand. Int J Stat Appl Math 2020;5(1):86-94.
