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| Author: | Yang, P. C. Wee, H. M. |
| Title: | A single-vendor and multiple-buyers production- inventory policy for a deteriorating item |
| Journal: | European Journal of Operational Research
2002 : DEC, VOL. 143:3, p. 570-581 |
| Index terms: | BUYING PRODUCTION INVENTORY CONTROL |
| Language: | eng |
| Abstract: | In a competitive market environment, a buyer has the privilege to decide on the number of deliveries when an order is made. The optimal number of deliveries favored by the buyers may not be the most economical for the vendor. If the number of deliveries is decided in cooperation with the vendor, the overall integrated cost can be minimized. This study develops a single-vendor, multi-buyers production-inventory policy for a deteriorating item with a constant production and demand rate. A mathematical model incorporating the costs of both the vendor and the buyers is developed. It can be shown that the integrated policy results in an impressive cost reduction when it is compared with the independent decisions made by the vendor and the buyers. |
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