Title :
Study of EOQ model in deteriorating items with price reduction sale and permissible shortage
Author :
Huajun Tang ; Bo Huang
Author_Institution :
Fac. of Manage. & Adm., Macau Univ. of Sci. & Technol., Macau, China
Abstract :
This study focuses on the single-cycle stock replenishment strategies of perishable merchandise with price reduction, in which the stock shortage is permissible. It proposes a new Economic Order Quantity (EOQ) model, and conducts one numerical example to show the effectiveness of the new EOQ model. Finally, it provides some potential issues for future research.
Keywords :
pricing; sales management; EOQ model; deteriorating items; economic order quantity; perishable merchandise; permissible shortage; price reduction; price reduction sale; single cycle stock replenishment strategies; stock shortage; Computational modeling; Educational institutions; Equations; Industrial economics; Mathematical model; Operations research; Weibull distribution; EOQ; deterioration items; price reduction; shortage quantity;
Conference_Titel :
Engineering, Management Science and Innovation (ICEMSI), 2013 International Conference on
Conference_Location :
Taipa
DOI :
10.1109/ICEMSI.2013.6913999
