Credit financing for deteriorating imperfect-quality items under inflationary conditions Online publication date: Fri, 13-Mar-2015
by Chandra K. Jaggi; Aditi Khanna; Mandeep Mittal
International Journal of Services Operations and Informatics (IJSOI), Vol. 6, No. 4, 2011
Abstract: In today's technology-driven world, despite of efficient planning of manufacturing system and emergence of sophisticated production methods and control systems; the items produced have some fraction of defectives. However, these defective items can be removed from the lot through a screening process. Thus, the inspection of lot becomes essential, especially when items are deteriorating in nature. Further, in today's uncertain global economy, due to rising inflation there is a consequent decline in the real value of money, which eventually forces the supplier to provide an attractive trade-credit policy to the retailer. Keeping this scenario in mind, an attempt has been made to formulate an inventory policy for a retailer dealing with imperfect quality items of deteriorating nature under inflation and permissible delay in payments. Results have been demonstrated with the help of a numerical example and sensitivity analysis is also presented to provide managerial insights into practice.
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