Joint replenishment model of both-ways and one-way substitution among products in fixed time horizon
Summary: A general joint replenishment model (JRM) has been developed for two substitutable products with different demand structures depending on their prices and availabilities over the time cycle. When both products are available, the demand of a substitute product deceases against its own price and increases with the other's price. When one product is out of stock, a portion of demand of the stock-out product goes to the available product. The model is formulated to determine the optimal order quantities and total profits for different scenarios are determined using the classical optimisation method and parametric study. The optimal criteria for maximum profit is outlined and the model is illustrated numerically. Some sensitivity analyses with different substitution ratios are performed and some interesting conclusions have been derived.
- Joint replenishment model with substitution
- Joint replenishment model for multiple products with substitution
- Optimal ordering quantities for substitutable items under joint replenishment with cost of substitution
- Optimal ordering quantities for substitutable deteriorating items under joint replenishment
- scientific article; zbMATH DE number 800669
- Joint replenishment model with substitution
- Joint replenishment model for multiple products with substitution
- scientific article; zbMATH DE number 4057249 (Why is no real title available?)
- Impact of deterioration and cost of substitution on inventory decisions for complementary and substitutable items under joint replenishment
This page was built for publication: Joint replenishment model of both-ways and one-way substitution among products in fixed time horizon
Report a bug (only for logged in users!)Click here to report a bug for this page (MaRDI item Q2205017)
