Joint pricing and replenishment policies for non-instantaneous deteriorating items with imprecise deterioration free time and credibility constraint

Authors:
Hardik N. Soni;Kamlesh A. Patel
Affiliations:
Chimanbhai Patel Post Graduate Institute of Computer Applications, Ahmedabad 380015, Gujarat, India;Mathematics Department, Shri U. P. Arts & Smt. M. G. Panchal Science & Shri V. L. Shah Commerce College, Pilvai, Gujarat, India
Venue:
Computers and Industrial Engineering
Year:
2013

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Abstract

This study develops an inventory model for non-instantaneous deteriorating items with imprecise deterioration free time and credibility constraint. The model assumes price sensitive demand when the product has no deterioration and price and time dependent demand when the product has deterioration. Under these considerations, the study attempts to offer best policy for selling price and replenishment cycle for the retailer that aims at maximizing the total profit per unit time. Making use of nearest interval approximation and interval arithmetic, the single objective problem is transformed to multi objective problem. Employing Weighted Sum Method, an analytical approach along with simple algorithm is developed to identify Pareto optimal solution. Finally, the behavior of the model with varied parameters is illustrated in numerical examples.