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An Economic Order Quantity Model with Shortages, Price Break and Inflation  [PDF]
Onawumi, A.S.,Oluleye, O.E.,Adebiyi, K.A.
International Journal of Emerging Sciences , 2011,
Abstract: The effect of inflation has become a persistent characteristic and more significant problem of many developing economies especially in the third world countries. While making effort to achieve optimal quantity of product to be produced or purchased using the simplest and on the shelf classical EOQ model, the non-inclusion of conflicting economic realities as shortage, price break and inflation has rendered its result quite uneconomical and hence the purpose for this study. Mathematical expression was developed for each of the cost components the sum of which become the total inventory model over the period (0, L) (TIC(0, L)). Significant savings with increase in quantity was achieved based on deference in the varying price regime. With the assumptions considered and subject to the availability of reliable inventory cost element, the developed model is found to produce a feasible, and economic inventory stock-level with the numerical example of a material supply of a manufacturing company in Nigeria.
Wakhid Ahmad Jauhari,I Nyoman Pujawan,Stefanus Eko Wiratno
Jurnal Teknik Industri , 2009,
Abstract: In this paper we consider single vendor single buyer integrated inventory model with probabilistic demand and equal delivery lot size. The model contributes to the current literature by relaxing the deterministic demand assumption which has been used for almost all integrated inventory models. The objective is to minimize expected total costs incurred by the vendor and the buyer. We develop effective iterative procedures for finding the optimal solution. Numerical examples are used to illustrate the benefit of integration. A sensitivity analysis is performed to explore the effect of key parameters on delivery lot size, safety factor, production lot size factor and the expected total cost. The results of the numerical examples indicate that our models can achieve a significant amount of savings. Finally, we compare the results of our proposed model with a simulation model. Abstract in Bahasa Indonesia: Pada penelitian ini akan dikembangkan model gabungan pemasok-pembeli dengan permintaan probabilistik dan ukuran pengiriman sama. Pada model setiap lot pemesanan akan dikirim dalam beberapa lot pengiriman dan pemasok akan memproduksi barang dalam ukuran batch produksi yang merupakan kelipatan integer dari lot pengiriman. Dikembangkan pula suatu algoritma untuk menyelesaikan model matematis yang telah dibuat. Selain itu, pengaruh perubahan parameter terhadap perilaku model diteliti dengan analisis sensitivitas terhadap beberapa parameter kunci, seperti ukuran lot, stok pengaman dan total biaya persediaan. Pada penelitian ini juga dibuat model simulasi untuk melihat performansi model matematis pada kondisi nyata. Kata kunci: model gabungan, permintaan probabilistik, lot pengiriman, supply chain

XU Jianteng,BAI Qingguo,ZHANG Qingpu,

系统科学与数学 , 2010,
Abstract: In order to find the optimal replenishment policy from the suppliers with different structures, this paper considers the two-supplier economic lot-size problem in which the retailer replenishes products from two suppliers. The two suppliers are characterized by multiple set-ups and all-unit quantity discount cost structures. Some structure properties are proposed to reduce the computational complexity. Then the feasible solutions of the problem are converted into a directed network. It is proved that this two-supplier economic lot-size problem can be solved in polynomial time by integrated dynamic programming and Dijkstra's shortest-path algorithm.
Optimal Ordering policy in demand declining market under inflation when supplier credits linked to order quantity  [cached]
Nita H. Shah,Kunal T. Shukla
Electronic Journal of Applied Statistical Analysis , 2011,
Abstract: In this research paper, a lot–size model is proposed when supplier offers the retailer a credit period to settle the account if the retailer orders a large quantity. The proposed study is meant for demand declining market. Here, the retailer needs to arrive at a static decision when demand of a product is decreasing and on the other side the supplier offer the credit period if the retailer orders for more than pre – specified quantity. Shortages are not allowed and the effect of inflation is incorporated. The objective to minimize the total cost in demand declining market under inflation when the supplier offers a credit period to the retailer if the ordered quantity is greater than or equal to pre – specified quantity. An easy – to – use flow chart is given to find the optimal replenishment time and the order quantity. The mathematical formulation is supported by a numerical example. The sensitivity analysis of parameters on the optimal solution is carried out.
An inventory model for deteriorating items with exponentially increasing demand and shortages under inflation and time discounting
Mehta,Niketa J.; Shah,Nita H.;
Investiga??o Operacional , 2003,
Abstract: a lot-size inventory model for deteriorating items is derived with exponentially increasing demand by allowing complete backlogging. the effects of inflation and time value of money are studied on the model. it is assumed that the units in inventory deteriorate over time at a constant rate. the inventory policy is discussed over a finite planning horizon with several reorder points. sensitivity analysis of the optimal solution with respect to the parameters of the system is carried out with the help of a numerical example.
The Economic Dynamics of Inflation and Unemployment  [PDF]
Tamara Todorova
Theoretical Economics Letters (TEL) , 2012, DOI: 10.4236/tel.2012.22025
Abstract: We study the time path of inflation and unemployment using the Blanchard treatment of the relationship between the two and taking the monetary policy condition into account. We solve the model both in continuous and discrete time and compare the results. The economic dynamics of inflation and unemployment shows that they fluctuate around their intertemporal equilibria, inflation around the growth rate of nominal money supply, respectively, and unemployment around the natural rate of unemployment. However, while the continuous-time case shows uniform and smooth fluctuation for both economic variables, in discrete time their time path is explosive and nonoscillatory. The hysteresis case shows dynamic stability and convergence for inflation and unemployment to their intertemporal equilibria both in discrete and continuous time. When inflation affects unemployment adversely the time paths of the two, both in discrete and continuous time, are dynamically unstable.
Inflation and Economic Growth in Nigeria  [cached]
Philip Chimobi Omoke
Journal of Sustainable Development , 2010, DOI: 10.5539/jsd.v3n2p159
Abstract: The main purpose of this study is to ascertain the existence (or not) of a relationship between Inflation and economic growth in Nigeria. The methodology employed in this study is the cointegration and Granger causality test. Consumer price index (CPI) was used as a proxy for Inflation and the GDP as a perfect proxy for economic growth to examine the relationship. The scope of the study spanned from 1970 to 2005. A stationarity test was carried out using the Augmented Dickey-Fuller test (ADF) and Phillip-Perron test (PP). and stationarity found at first difference at 1% and 5% level of significance. The Johansen-Juselius co-integration technique employed in this study proved to be superior to the Engle and Granger (1987) approach in assessing the co-integrating properties of variables, especially in a multivariate context. The result of the test showed that for the periods, 1970-2005, there was no co-integrating relationship between Inflation and economic growth for Nigeria data. Further effort was made to check the causality relationship that exists between the two variables by employing the VAR-Granger causality at two different lag periods. The results showed the same at different lags. The first test was conducted using lag two (2) and in the result unidirectional causality was seen running from Inflation to economic growth. Further test at lag four (4) was carried out and it only supported the first by also indicating a unidirectional causality running from Inflation to economic growth. Various studies as reviewed in the literature came out with the result that high inflation is and has never been favourable to economic growth. Hence, the study through the empirical findings maintain the fact that the causality that run from inflation to economic growth is an indication of relationship showing that Inflation indeed has an impact on growth.
Effects of Breakdown, Backlog and Rework on Replenishment Lot Size  [cached]
Tsu-Ming Yeh,Chia-Kuan Ting,Fan-Yun Pai,Jyh-Chau Yang
Research Journal of Applied Sciences, Engineering and Technology , 2012,
Abstract: This study studies the effects of machine breakdown, backlog and rework on the replenishment lot size. In real-life manufacturing systems, random defective rate and breakdown of equipment are inevitable. When backlogging is permitted during a production run, a random machine failure may take place either in backlog filling stage or in inventory piling time; this study focuses on the former situation and considers all defective items produced are repairable through a rework process. The objective of this study is to determine the optimal run time that minimizes the long-run average production-inventory costs. The result can be directly applied to the practical production planning and control field to assist practitioner in production management cost reduction.
Inflation, Money and Economic Growth in Cameroon  [cached]
Henri Ngoa Tabi,Henri Atangana Ondoa
International Journal of Financial Research , 2011, DOI: 10.5430/ijfr.v2n1p45
Abstract: For some decades now, anti-inflationary monetary policies have been adopted by the Central bank of the CEMAC zone in view of sustaining economic growth. Despite the low level of inflation recorded, the economic growth of Cameroon remains fragile. The objective of this article is to analyse the relationship between economic growth, inflation and money in circulation using a VAR model for the period 1960-2007. It is shown that increase in money supply increases growth and that growth causes inflation; however, an increase in money supply does not necessarily increase inflation.
Effects of Uncertain Inflationary Conditions on an Inventory Model for Deteriorating Items with Shortages
Abolfazl Mirzazadeh
Journal of Applied Sciences , 2010,
Abstract: This study proposes an inventory model with stochastic internal and external inflation rates for deteriorating items and allowable shortages. The many economic, political, social and cultural variables affect the inflation rates. For instance, economic factors such as changes in the world inflation rate, demand level, labor cost, cost of raw materials, exchange rates, unemployment rate, productivity level, tax, liquidity, etc are effective in this direction. Therefore, the assumption of constant inflation rates is not valid, especially, when the time horizon is long. This model considers stochastic inflationary conditions. Numerical examples are used to illustrate the theoretical results, which are further clarified through a sensitivity analysis on the model parameters. It has been shown that the optimal solution is highly sensitive to considerable uncertainty of the inflation rates.
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