The Inventory Model for Deteriorating Items under Conditions Involving Cash Discount and Trade Credit

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dc.contributor.authorChung, Ken-Jen
dc.contributor.authorLiao, Jui-Jung
dc.contributor.authorLin, Shy-Der
dc.contributor.authorChuang, Sheng-Tu
dc.contributor.authorSrivastava, H.M.
dc.date.accessioned2019-07-22T16:19:08Z
dc.date.available2019-07-22T16:19:08Z
dc.date.copyright2019en_US
dc.date.issued2019
dc.description.abstractIn the year 2004, Chang and Teng investigated an inventory model for deteriorating items in which the supplier not only provides a cash discount, but also allows a permissible delay in payments. The main purpose of the present investigation is three-fold, as follows. First, it is found herein that Theorem 1 of Chang and Teng (2004) has notable shortcomings in terms of their determination of the optimal solution of the annual total relevant cost Z(T) by adopting the Taylor-series approximation method. Theorem 1 in this paper does not make use of the Taylor-series approximation method in order to overcome the shortcomings in Chang and Teng (2004) and alternatively derives all the optimal solutions of the annual total relevant cost Z(T) . Secondly, this paper systematically revisits the annual total relevant cost Z(T) in Chang and Teng (2004) and presents in detail the mathematically correct ways for the derivations of Z(T) . Thirdly, this paper not only shows that Theorem 1 of Chang and Teng (2004) is not necessarily true for finding the optimal solution of the annual total relevant cost Z(T) , but it also demonstrates how Theorem 1 in this paper can locate all of the optimal solutions of Z(T) . The mathematical analytic investigation presented in this paper is believed to be useful for correct managerial considerations and managerial decisions.en_US
dc.description.reviewstatusRevieweden_US
dc.description.scholarlevelFacultyen_US
dc.identifier.citationChung, K., Liao, J., Lin, S., Chuang, S. & Srivastava, H.M. (2019). The Inventory Model for Deteriorating Items under Conditions Involving Cash Discount and Trade Credit. Mathematics, 7(7), 596. https://doi.org/10.3390/math7070596en_US
dc.identifier.urihttp://dx.doi.org/10.3390/math7070596
dc.identifier.urihttp://hdl.handle.net/1828/10982
dc.language.isoenen_US
dc.publisherMathematicsen_US
dc.subjectinventory modelling and optimization
dc.subjectTrade-credit financing
dc.subjectCash discounts
dc.subjectpermissible delays in payments
dc.subjectSupply chain management
dc.subjecteconomic order quantity (EOQ)
dc.subjectmathematical solution procedure
dc.subjectdeteriorating items
dc.subjectmathematical analytic tools and techniques
dc.subjectmanagerial considerations and managerial decisions
dc.subject.departmentDepartment of Mathematics and Statistics
dc.titleThe Inventory Model for Deteriorating Items under Conditions Involving Cash Discount and Trade Crediten_US
dc.typeArticleen_US

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