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An EPQ Model of Sustainable Items with Quadratic Demand of Time Considering Trade Credit Policy


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1 Department of Mathematics, National Institute of Technology Agartala, Jirania, West Tripura-799046, India
     

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Now-a-days Sustainable Economic Production Quantity (SEPQ) models get more focus over classical Economic production Quantity (EPQ) models. Here, we developed an inventory model of sustainable items considering quadratic demand of time and exponential holding cost where shortages occurred which will be fully backlogged considering obsolescence cost and carbon emission cost. For the first time, in this sustainable EPQ model, an optional and better approach of payment for extra stock after the credit period is discussed. After that, the proposed model has been solved by using Non-linear optimization technique-GRG method (LINGO 13.0 software). The optimal solutions were illustrated both in graphically and numerically in this present study.

Keywords

Sustainable EPQ Model, Fully Backlogged Shortages, Carbon Emission, Trade Credit, Alternative Approach of Payment.
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  • An EPQ Model of Sustainable Items with Quadratic Demand of Time Considering Trade Credit Policy

Abstract Views: 451  |  PDF Views: 8

Authors

Bijoy Krishna Debnath
Department of Mathematics, National Institute of Technology Agartala, Jirania, West Tripura-799046, India
Pinki Majumder
Department of Mathematics, National Institute of Technology Agartala, Jirania, West Tripura-799046, India
Uttam Kumar Bera
Department of Mathematics, National Institute of Technology Agartala, Jirania, West Tripura-799046, India

Abstract


Now-a-days Sustainable Economic Production Quantity (SEPQ) models get more focus over classical Economic production Quantity (EPQ) models. Here, we developed an inventory model of sustainable items considering quadratic demand of time and exponential holding cost where shortages occurred which will be fully backlogged considering obsolescence cost and carbon emission cost. For the first time, in this sustainable EPQ model, an optional and better approach of payment for extra stock after the credit period is discussed. After that, the proposed model has been solved by using Non-linear optimization technique-GRG method (LINGO 13.0 software). The optimal solutions were illustrated both in graphically and numerically in this present study.

Keywords


Sustainable EPQ Model, Fully Backlogged Shortages, Carbon Emission, Trade Credit, Alternative Approach of Payment.

References





DOI: https://doi.org/10.22485/jaei%2F2017%2Fv87%2Fi3-4%2F166118