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Volume 7, Vol. 7, No. 15, 01 Nov 2011

Paper Type: Original Research Paper

Subjects: Sub Subject

Inventory model with composed shortage and permissible delay in payment linked to order quantity


In today’s business transactions, it is frequently observed that a customer is allowed some grace period (permissible delay in payment) before settling the account with the supplier or producer. This policy is advantageous both for the supplier and customer since supplier attracts more customers and customer does not have to pay any interest during this fixed period either. In this paper, the researchers generalize Goyal’s model (1985) with permissible delays in payment depending on the ordered quantity and shortage is the combination of backlogged and lost sales. The researchers then establish a proper mathematical model, and propose an algorithm to solve model easily. Finally, a numerical example is given to illustrate the algorithm and the theoretical results.

Authors: Mohammad Bameni Moghadam , Hesam Saiedy

Keywords: Inventory; Backlogged; Lost sale; Permissible delay in payment


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