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Search Results: 1 - 10 of 49328 matches for " Huang Yung-Fu "
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The effect of service constraint on EPQ model with random defective rate
Yung-Fu Huang
Mathematical Problems in Engineering , 2006, DOI: 10.1155/mpe/2006/79028
Abstract: Chiu studied the effect of service-level constraint on the economic production quantity (EPQ) model with random defective rate. In this note, we will offer a simple algebraic approach to replace his differential calculus skill to find the optimal solution under the expected annual cost minimization.
The effect of service constraint on EPQ model with random defective rate
Yung-Fu Huang
Mathematical Problems in Engineering , 2006,
Abstract: Chiu studied the effect of service-level constraint on the economic production quantity (EPQ) model with random defective rate. In this note, we will offer a simple algebraic approach to replace his differential calculus skill to find the optimal solution under the expected annual cost minimization.
Retailer’s replenishment policies under conditions of permissible delay in payments
Huang Yung-Fu
Yugoslav Journal of Operations Research , 2004, DOI: 10.2298/yjor0402231h
Abstract: Goyal (1985) is frequently cited when the inventory systems under conditions of permissible delay in payments are discussed. Goyal implicitly assumed that: 1. The unit selling price and the unit purchasing price are equal; 2. At the end of the credit period, the account is settled. The retailer starts paying for higher interest charges on the items in stock and returns money of the remaining balance immediately when the items are sold. But these assumptions are debatable in real-life situations. The main purpose of this paper is to modify Goyal’s model to allow the unit selling price and the unit purchasing price not necessarily be equal to reflect the real-life situations. Furthermore, this paper will adopt different payment rule. We assume that the retailer uses sales revenue during the permissible credit period to make payment to the supplier at the end of the credit period. If it is not enough to pay off the purchasing cost of all items, the retailer will pay off the remaining balance by taking loan from the bank. So, the retailer starts paying for the interest charges on the amount of loan from the bank after the account is settled. Then the retailer will return money to the bank at the end of the inventory cycle. Under these conditions, we model the retailer’s inventory system as a cost minimization problem to determine the retailer’s optimal cycle time and optimal order quantity. Four cases are developed to efficiently determine the optimal cycle time and the optimal order quantity. Numerical examples are given to illustrate these cases. Comparing with Goyal’s model, we also find that the optimal cycle times in this paper are not longer than those of Goyal’s model.
Algebraic Improvement on Effects of Random Defective Rate and Imperfect Rework Process on Economic Production Quantity Model
Yung-Fu Huang
Journal of Applied Sciences , 2006,
Abstract: The present note studied the effect of random defective rate and imperfect rework process on the Economic Production Quantity (EPQ) model. They demonstrate that the optimal lot size can be solved algebraically and the expected inventory cost can be derived immediately as well. In this note, we will offer a simple algebraic approach to replace their algebraic skill to find the optimal solution under the expected annual cost minimized.
An Algebraically Derived Minimal Cost Solution Technique of the EOQ Model Under Conditional Trade Credit
Yung-Fu Huang
Journal of Applied Sciences , 2006,
Abstract: In this study the restrictive assumptions of the trade credit independent of the order quantity and the retailer`s unit selling price equaled to the purchasing price per unit are relaxed to fit real business situations. This study investigates the retailer`s inventory problem under trade credit dependent of the order quantity and the retailer`s unit selling price not necessarily equals to the purchasing price per unit within the Economic Order Quantity (EOQ) framework. In addition, we adopt the algebraic procedure to determine the retailer`s optimal ordering policy under minimizing the annual total variable cost. This algebraic approach could therefore be used easily to introduce the basic inventory theories to younger students who lack the knowledge of calculus. Then, two theorems are developed to efficiently determine the optimal cycle time and optimal order quantity for the retailer. Finally, numerical examples are given to illustrate these theorems and obtain a lot of managerial insights.
Optimal Cycle Time and Optimal Payment Time under Supplier Credit
Yung-Fu Huang
Journal of Applied Sciences , 2004,
Abstract: This study investigate the retailer`s optimal cycle time and optimal payment time under supplier`s trade credit policy and cash discount policy. Mathematical models have been derived for obtaining the optimal cycle time and optimal payment policy for item under supplier`s trade credit and cash discount so that the annual total relevant cost is minimized. Furthermore, numerical examples have given to illustrate the results developed in this study and a lot of managerial insights have obtained.
A Note on Retailer`s Ordering Policy and Payment Policy under Trade Credit and Cash Discount
Yung-Fu Huang
Journal of Applied Sciences , 2004,
Abstract: In present study, the model of Huang has been modified and discussed with retailer`s ordering policy under conditions of cash discount and trade credit. Mathematical model has been modified for obtaining the optimal cycle time and optimal payment policy for item under cash discount and trade credit so that the annual total cost is minimized. Then, a theorem is provided to efficiently determine the optimal cycle time and optimal payment policy. Finally, a numerical example is solved to illustrate the results obtained.
An EOQ Model Under Trade Credit Linked to Order Quantity Using Algebraic Method
Yung-Fu Huang
Journal of Applied Sciences , 2004,
Abstract: In 1985, Goyal investigated the inventory problem under permissible delay in payments independent of the order quantity. In the present study, the restrictive assumption of the trade credit independent of the order quantity is relaxed. The present study investigates the retailer`s inventory problem under permissible delay in payments dependent of the order quantity within the economic order quantity (EOQ) framework. In addition, we adopt the algebraic method to determine the retailer`s optimal ordering policy under minimizing the annual total relevant cost was adopted. Then, two theorems are developed to efficiently determine the optimal cycle time and optimal order quantity for the retailer. Finally, numerical examples are given to illustrate these theorems obtained in the present study.
Optimal Inventory Control Under Conditions of Permissible Delay in Payments Derived Without Derivatives
Yung-Fu Huang
Journal of Applied Sciences , 2004,
Abstract: The present study was carried out to investigate Goyal`s model (1985) and Teng`s model (2002) using the algebraic method to determine the optimal cycle time under delay payments. This paper provides algebraic approach that must be considered as a pedagogical advantage for explaining the inventory concept to students that lack knowledge of derivatives. This algebraic approach could therefore be used easily to introduce the basic inventory theories to younger students who lack the knowledge of calculus.
Mathematical Inventory Model with Decay Item under Two Levels of Trade Credit
Chaang-Yung Kung,Yung-Fu Huang
Journal of Applied Sciences , 2005,
Abstract: The present study extends the Huang`s model by considering decay item under two levels of trade credit. At first, we model the retailer`s inventory system as a cost minimization problem. Then, we prove the convexity of the retailer`s inventory system developed in this study. Finally, a theorem is developed to determine the retailer`s optimal replenishment cycle time efficiently.
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