BITS Faculty Publications

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    Differential evolution algorithm for supply chain inventory planning
    (Emerald, 2005) Routroy, Srikanta
    This paper discusses the inventory planning of a supply chain, which consists of a manufacturer, distributor and retailer.
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    A Trade Credit Inventory Model with Multivariate Demand for Non-Instantaneous Decaying products
    (IJST, 2016) Shekhar, Chandra
    The present study proposed a mathematical example using multivariate demand with non-instant decaying products. For any business organization, the carrying cost is an important term to find total inventory cost. Here we consider the numerical example to get the best optimum solution for understanding the behavior of inventory model. We also used sensitivity analysis to show the effect of variation in total profit per item with respect to changes in the other constraints to illustrate the model. The scenario of today’s market is to encourage the retail dealers allowing them a delay in making the payments without them incurring any interest.
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    Optimal ordering policy for short life-cycle products under credit financing with dynamic adoption in supply chain
    (Taylor & Francis, 2019-05) Chanda, Udayan
    Traditional inventory models are mostly ignorant of the life cycle dynamics of a technology product; hence, they often fail to identify different dimensions of inventory research. This paper attempts to investigate the relationship between adoption behavior of customers using life cycle dynamics and associated trade credit policies in order to optimize the total inventory cost. The demand model used in this paper treats sales as a function of awareness diffusion and adoption. Awareness is considered as a function of feedback effects from users/customers. Retailer’s optimal strategies for short life cycle product under credit financing were determined analytically. Finally, numerical examples have been used to support the theoretical results. Theoretical results have further been used to gain some managerial insights.
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    Inventory replenishment policies for two successive generations price-sensitive technology products
    (American Institute of Mathematical Sciences, 2022-05) Chanda, Udayan; Nagpal, Gaurav
    The high technology products come in generations, where the demand for newer technology generations is strongly influenced by the installed base of earlier generations (such as computers, cameras, notebooks, etc). However, the effect of technology substitution on inventory replenishment policies has received little attention in the supply chain literature. In the hi-technology market, consumers' purchasing capability, the utility of a product along with the entry of the advanced generation product influence the market expansion/contraction of the products. In this study, the impact of parallel diffusion of two successive generations' products on inventory policies of the monopolist has been analysed. The demand models have been characterised by considering the life-cycle dynamics for a P-type inventory system. The purpose of this paper is to develop a model for joint pricing and replenishment of technology generation products. The model has been solved by using a genetic algorithm technique. The impact of yearly price drop and the price sensitivity of demand on the profit margins vis-à-vis on replenishment policies has also been studied. The paper also brings forward the dynamics of the launch of newer generations and the pricing strategies on optimal inventory replenishment policies. Numerical illustrations have also been covered in the paper.
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    Inventory Replenishment Policies for Two Successive Generations of Technology Products Under Permissible Delay in Payments
    (IGI Global, 2022) Chanda, Udayan; Nagpal, Gaurav
    In this age of digitalization, when every industry is undergoing technological disruption, there is a big role of digital gadgets and technology products. A key feature of these digital gadgets is the short length of the product life cycle, since the newer and more advanced generations of technologies are developed regularly to replace the earlier conventional technologies. The traditional EOQ models that assume a constant demand cannot be used here. This research paper formulates an inventory optimization model for the multi-generational products under the trade credits and the credit-linked and innovation diffusion dependent demand. The study also performs a numerical illustration of the proposed model, and establishes important dynamics among the key variables. It also performs the sensitivity analysis with the cost of credit and the trade credit period. The paper concludes with the managerial implications for the inventory practitioners and the possible areas of extension for this research in the future.
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    Inventory Modelling for technology generation products under uncertain trade credit terms and imprecise procurement costs
    (OSCM, 2022) Chanda, Udayan; Nagpal, Gaurav
    The inventory policies for any product under the trade credit mechanism are influenced by the procurement price per unit and the credit period offered by the seller to the buyer. This paper develops an inventory model for the technology generations under the imprecise trade credit period and the imprecise procurement cost. It considers the demand that is credit-linked and governed by innovation diffusion as well. The imprecise nature of the parameters is captured by the use of fuzzy numbers. The trapezoidal membership function has been used to fuzzify the profit function with the imprecise parameters, and then the centroid method is used to de-fuzzify the profit. The numerical illustrations have been performed, followed by the sensitivity analysis with the launch timing of the second generation product. A few important implications for the inventory practitioners and the possible extensions of this work have also been discussed.