Profit function Optimization for Growing Items Industry

Title

Profit function Optimization for Growing Items Industry

Creator

Sharma A.; Saraswat A.K.

Description

The economy of a country depends on many industries; growing item industries are one of them. Growing items also exhibit mortality in the growth period, which creates a complex environment for the procurement decision. A practical inventory model is required to overcome this situation, which provides the optimum solution. This work describes an economics ordering quantity model for growing items with constant demand and mortality. We also take into consideration that one of the real-life management practices for businesses is the allowance of a delay in payment. There is a solution procedure with a numerical example. We have discussed analytical results to verify the concavity of the profit function. Sensitivity analysis provides us with some very useful information. . 2023 IEEE.

Source

2023 6th International Conference on Information Systems and Computer Networks, ISCON 2023

Date

2023-01-01

Publisher

Institute of Electrical and Electronics Engineers Inc.

Subject

constant demand; delay in payment; economic ordering quantity model; Growing items; mortality

Coverage

Sharma A., Christ (Deemed to Be University), Delhi-NCR, School of Sciences, Ghaziabad, 201003, India, Institute of Applied Sciences and Humanities, GLA University, Department of Mathematics, NH-2, Mathura, 281406, India; Saraswat A.K., Christ (Deemed to Be University), Delhi-NCR, School of Sciences, Ghaziabad, 201003, India, Institute of Applied Sciences and Humanities, GLA University, Department of Mathematics, NH-2, Mathura, 281406, India

Rights

Restricted Access

Relation

ISBN: 979-835034696-1

Format

Online

Language

English

Type

Conference paper

Identifier

https://doi.org/10.1109/ISCON57294.2023.10111991

https://www.scopus.com/inward/record.uri?eid=2-s2.0-85159463802&doi=10.1109%2fISCON57294.2023.10111991&partnerID=40&md5=198c13a98b3d096a9bbd083e8effafe8