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An Inventory System Optimization for Solving Joint Pricing and Ordering Problem with Trapezoidal Demand and Partial Backlogged Shortages in a Limited Sales Period

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Theory and Applications of Models of Computation (TAMC 2022)

Part of the book series: Lecture Notes in Computer Science ((LNCS,volume 13571))

Abstract

This study investigates a joint pricing and ordering model with deteriorating items and partial backlogged shortages under trapezoidal demand. The optimization model aiming at maximizing profit performance of inventory system is subject to a limited sales period and an allowable price range, simultaneously. The existence and uniqueness of the optimal solution to the model is further given by applying differential calculus. The easy-to-use line search algorithm is designed to determine the optimal replenishment strategies including ordering quantity, the maximum inventory level, selling price, and shortage time point. Finally, numerical examples are presented to demonstrate the proposed model.

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Acknowledgements

This study was supported by Research Program of Tianjin Municipal Education Commission (No. 2017KJ242).

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Authors and Affiliations

  1. Institute of Operations Research and Systems Engineering, College of Science, Tianjin University of Technology, Tianjin, 300384, People’s Republic of China

    Chunming Xu

  2. School of Electrical and Electronic Engineering, Tianjin University of Technology, Tianjin, 300384, People’s Republic of China

    Mingfei Bai, Qiyue Wang & Yiwei Wang

Authors
  1. Chunming Xu
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  2. Mingfei Bai
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  3. Qiyue Wang
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  4. Yiwei Wang
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Corresponding author

Correspondence to Chunming Xu .

Editor information

Editors and Affiliations

  1. University of Texas at Dallas, Richardson, TX, USA

    Ding-Zhu Du

  2. University of New Brunswick, Fredericton, NB, Canada

    Donglei Du

  3. Tianjin University of Technology, Tianjin, China

    Chenchen Wu

  4. Beijing University of Technology, Beijing, China

    Dachuan Xu

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Xu, C., Bai, M., Wang, Q., Wang, Y. (2022). An Inventory System Optimization for Solving Joint Pricing and Ordering Problem with Trapezoidal Demand and Partial Backlogged Shortages in a Limited Sales Period. In: Du, DZ., Du, D., Wu, C., Xu, D. (eds) Theory and Applications of Models of Computation. TAMC 2022. Lecture Notes in Computer Science, vol 13571. Springer, Cham. https://doi.org/10.1007/978-3-031-20350-3_29

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  • DOI: https://doi.org/10.1007/978-3-031-20350-3_29

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  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-031-20349-7

  • Online ISBN: 978-3-031-20350-3

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