Research Article | OPEN ACCESS
An EOQ Model with Stock-Dependent Demand under Two Levels of Trade Credit and Time Value of Money
1H.A.O. Jia-Qin and 2M.O. Jiangtao
1School of Mathematics and Statistics, Suzhou University, Suzhou, Anhui 234000, China
2College of Mathematics and Information Science, Guangxi University, Nanning, Guangxi 530004, China
Research Journal of Applied Sciences, Engineering and Technology 2013 18:4524-4529
Received: October 17, 2012 | Accepted: December 10, 2012 | Published: May 05, 2013
Abstract
Since the value of money changes with time, it is necessary to take account of the influence of time factor in making the replenishment policy. In this study, to investigate the influence of the time value of money to the inventory strategy, an inventory system for deteriorating items with stock-dependent demand is investigated under two levels of trade credit. The method to efficiently determine the optimal cycle time is presented. Numerical examples are provided to demonstrate the model and the method.
Keywords:
Deteriorating items, EOQ model, stock-dependent demand, time value of money, two levels of trade credit,
Competing interests
The authors have no competing interests.
Open Access Policy
This article is distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made.
Copyright
The authors have no competing interests.
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ISSN (Online): 2040-7467
ISSN (Print): 2040-7459 |
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