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An accurate and reliable mathematical analytic solution procedure for the EOQ model with non-instantaneous receipt under supplier credits

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Revista de la Real Academia de Ciencias Exactas, Físicas y Naturales. Serie A. Matemáticas Aims and scope Submit manuscript

Abstract

Recently, Huang and Hsu (J Oper Res Soc Jpn 50:1–13, 2007) investigated the retailer’s optimal replenishment policy with non-instantaneous receipt under trade credit and cash discount. Basically, their inventory model is correct and interesting. However, they ignored explorations of interrelations of functional behaviors of the annual total cost to locate the optimal solutions so much so that the accuracy and reliability of the process of the proof of their solution procedure are questionable. The main purpose of this paper is to provide accurate and reliable mathematical analytic solution procedures to improve the findings in the aforementioned work of Huang and Hsu (J Oper Res Soc Jpn 50:1–13, 2007). Some related recent works on the subject-matter of this investigation are also cited with a view to providing incentive and motivation for making further advances along the lines of the supply chain management and associated inventory problems which we have discussed in this article.

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Authors and Affiliations

  1. Department of Mathematics and Statistics, University of Victoria, Victoria, British Columbia, V8W 3R4, Canada

    H. M. Srivastava

  2. Department of Medical Research, China Medical University Hospital, China Medical University, Taichung, 40402, Taiwan, Republic of China

    H. M. Srivastava

  3. Department of Mathematics and Informatics, Azerbaijan University, 71 Jeyhun Hajibeyli Street, AZ1007, Baku, Azerbaijan

    H. M. Srivastava

  4. College of Business, Chung Yuan Christian University, Chung-Li, 320314, Taiwan, Republic of China

    Kun-Jen Chung

  5. National Taiwan University of Science and Technology, Taipei, 10607, Taiwan, Republic of China

    Kun-Jen Chung

  6. Department of Business Administration, Chihlee University of Technology, Banqiao District, New Taipei City, 22050, Taiwan, Republic of China

    Jui-Jung Liao

  7. Departments of Applied Mathematics and Business Administration, Chung Yuan Christian University, Chung-Li, 320314, Taiwan, Republic of China

    Shy-Der Lin

  8. Department of Applied Mathematics, Chung Yuan Christian University, Chung-Li, 320314, Taiwan, Republic of China

    Shih-Fang Lee

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  1. H. M. Srivastava
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  2. Kun-Jen Chung
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  3. Jui-Jung Liao
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  4. Shy-Der Lin
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  5. Shih-Fang Lee
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Correspondence to H. M. Srivastava.

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Srivastava, H.M., Chung, KJ., Liao, JJ. et al. An accurate and reliable mathematical analytic solution procedure for the EOQ model with non-instantaneous receipt under supplier credits. RACSAM 115, 1 (2021). https://doi.org/10.1007/s13398-020-00944-x

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  • DOI: https://doi.org/10.1007/s13398-020-00944-x

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