Optimal Pricing Policy for Deteriorating Items with Variable Demand Rate and Offering Backorder Discount
Journal Title: International Journal of Engineering and Science Invention - Year 2017, Vol 6, Issue 9
Abstract
In this paper a single item inventory model is developed for deteriorating items with noninstantaneous deterioration and time varying demand sensitive to the selling price. To compensate for the inconvenience due to stock out and to reduce the lost sales during partial backordering period a price discount is declared on the backordered items. Numerical examples are presented to illustrate the model. Cases are discussed for optimal price, price discount, and optimal profit per unit time. Tables, sensitivity analysis and graphs are formed to depict the effects of changes in various parameters on optimal decisions.
Authors and Affiliations
Bindu Vaish, Rahul Kumar Pandey
Keywords
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