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Optimal Replenishment Policy for Deteriorating Products in a Newsboy Problem with Multiple Just-in-Time Deliveries

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Department of Mathematics, Hajee Mohammad Danesh Science and Technology University, Dinajpur 5200, Bangladesh
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Department of Industrial and Systems Engineering, Chung Yuan Christian University, Chungli 32023, Taiwan
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Department of Business Administration, Soochow University, 56 Section 1, Kuei-yang Street, Taipei 10048, Taiwan
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Authors to whom correspondence should be addressed.
If you are interested or have any doubt of this article, please contact Jei-Zheng Wu ([email protected]) first.
Mathematics 2020, 8(11), 1981; https://doi.org/10.3390/math8111981
Received: 4 October 2020 / Revised: 21 October 2020 / Accepted: 22 October 2020 / Published: 6 November 2020
Product deterioration is a common phenomenon and is overlooked in most contemporary research on the newsboy problem. In this study, we have considered product deterioration in a production–inventory newsboy model based on multiple just-in-time (JIT) deliveries. This model is solved by a classical optimization technique for the manufacturer production size, wholesale price, replenishment plan, and retailer order policy using a distribution-free approach. Moreover, in order to improve business and entice more customers, a return policy and a post-sale warranty policy is adopted in the model. Theoretical development and numerical examples are provided to demonstrate the validity of this approach. View Full-Text
Keywords: production inventory; newsboy model; deteriorating items; distribution free production inventory; newsboy model; deteriorating items; distribution free
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MDPI and ACS Style

Mashud, A.H.M.; Wee, H.-M.; Huang, C.-V.; Wu, J.-Z. Optimal Replenishment Policy for Deteriorating Products in a Newsboy Problem with Multiple Just-in-Time Deliveries. Mathematics 2020, 8, 1981. https://doi.org/10.3390/math8111981

AMA Style

Mashud AHM, Wee H-M, Huang C-V, Wu J-Z. Optimal Replenishment Policy for Deteriorating Products in a Newsboy Problem with Multiple Just-in-Time Deliveries. Mathematics. 2020; 8(11):1981. https://doi.org/10.3390/math8111981

Chicago/Turabian Style

Mashud, Abu H.M., Hui-Ming Wee, Chiao-Ven Huang, and Jei-Zheng Wu. 2020. "Optimal Replenishment Policy for Deteriorating Products in a Newsboy Problem with Multiple Just-in-Time Deliveries" Mathematics 8, no. 11: 1981. https://doi.org/10.3390/math8111981

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