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Optimal order size to take advantage of a one-time discount offer with allowed backorders |
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| Authors: | Leopoldo Eduardo Cárdenas-Barrón Neale R Smith Suresh Kumar Goyal |
| Institution: | 1. Department of Industrial and Systems Engineering, School of Engineering, Instituto Tecnológico y de Estudios Superiores de Monterrey, ITESM, Campus Monterrey, México. E.Garza Sada 2501 Sur, C.P. 64 849, Monterrey, N.L., México;2. Department of Management, School of Business, Instituto Tecnológico y de Estudios Superiores de Monterrey, ITESM, Campus Monterrey, México, E.Garza Sada 2501 Sur, C.P. 64 849, Monterrey, N.L., México;3. Centre for Quality and Manufacturing, School of Engineering, Instituto Tecnológico y de Estudios Superiores de Monterrey, ITESM, Campus Monterrey, México, E.Garza Sada 2501 Sur, C.P. 64 849, Monterrey, N.L., México;4. Department of Decision Sciences and M.I.S, John Molson School, Concordia University, 1455 de Maisonneuve Blvd., West Montreal, Quebec, Canada H3G 1M8 |
| Abstract: | In this paper, we develop an inventory model for determining the optimal ordering policies for a buyer who operates an inventory policy based on an EOQ-type model with planned backorders when the supplier offers a temporary fixed-percentage discount and has specified a minimum quantity of additional units to purchase. A distinguishing feature of the model is that both fixed and linear backorder costs are included, whereas previous works include only the linear backordering cost. A numerical study is performed to provide insight into the behavior of the model. |
| Keywords: | Economic order quantity Optimal ordering policies Planned backorders Discounts |
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