A heuristic methodology to evaluate price discount structures from the buyer’s perspective

A heuristic methodology to evaluate price discount structures from the buyer’s perspective

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Article ID: iaor19941326
Country: Netherlands
Volume: 29
Issue: 2
Start Page Number: 223
End Page Number: 231
Publication Date: Mar 1993
Journal: International Journal of Production Economics
Authors: , ,
Keywords: heuristics
Abstract:

This paper presents an intuitive heuristic method for determining order quantities in an all-unit discount environment with budget constraints. The approach is utility-based and allows the decision maker to incorporate a number of criteria in the objective function. The model is simple to understand and can be easily implemented on a personal computer using a standard spreadsheet. The simplicity of the approach makes it an attractive decision support tool for replenishing inventory in small retail businesses such as automotive parts stores and hardware stores.

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