Probabilistic time scheduling model for exponentially decaying inventory under temporary price discount

Probabilistic time scheduling model for exponentially decaying inventory under temporary price discount

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Article ID: iaor199454
Country: India
Volume: 14
Issue: 2
Start Page Number: 117
End Page Number: 124
Publication Date: May 1993
Journal: Journal of Information & Optimization Sciences
Authors: ,
Abstract:

A probabilistic model for exponentially decaying inventory when supplier announces a temporary price discount for a short time period is considered. Units purchased before or after the period under review will be available at the current price which is higher than the special discount price. In any case it is assumed that the selling price of the units remains fixed. The problem is to determine an extra large quantity to be procured during the time period in which a special discount is available. This is one time decision problem. Appropriate formulae have been obtained to determine the large quantity to be procured before the price becomes original.

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