ISSN 2394-5125
 

Review Article 


OPTIMAL ORDERING POLICY FOR SUBSTITUTABLE PRODUCTS UNDER QUADRATIC DEMAND WITH COST OF SUBSTITUTION

B. Komala Durga, E. Chandrasekaran.

Abstract
In this paper an inventory system consisting of two products which are mutually substitutable has been considered. When the first product is stocks-out, the demand for it is partially met from the inventory of the second product and vice-versa. During the substitution period, there incur an additional cost of substitution for each unit of the substituted product. The unmet demand is assumed to be lost. The demand of the products is assumed to be quadratic. The two products are ordered together in each ordering cycle. Shortages are allowed. The problem has been formulated to study the impact of cost of substitution on the performance of the inventory system. Solution procedure is discussed to minimize the total cost. Sensitivity analysis has been done to the parameters involved in total cost, to show the substantial improvement in the total cost with substitution compared to the case of without substitution.

Key words: Product Substitution, Quadratic Demand, Cost of Substitution, Substitution Rate.


 
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Pubmed Style

B. Komala Durga, E. Chandrasekaran. OPTIMAL ORDERING POLICY FOR SUBSTITUTABLE PRODUCTS UNDER QUADRATIC DEMAND WITH COST OF SUBSTITUTION. JCR. 2020; 7(4): 200-205. doi:10.31838/jcr.07.04.36


Web Style

B. Komala Durga, E. Chandrasekaran. OPTIMAL ORDERING POLICY FOR SUBSTITUTABLE PRODUCTS UNDER QUADRATIC DEMAND WITH COST OF SUBSTITUTION. http://www.jcreview.com/?mno=94314 [Access: March 21, 2020]. doi:10.31838/jcr.07.04.36


AMA (American Medical Association) Style

B. Komala Durga, E. Chandrasekaran. OPTIMAL ORDERING POLICY FOR SUBSTITUTABLE PRODUCTS UNDER QUADRATIC DEMAND WITH COST OF SUBSTITUTION. JCR. 2020; 7(4): 200-205. doi:10.31838/jcr.07.04.36



Vancouver/ICMJE Style

B. Komala Durga, E. Chandrasekaran. OPTIMAL ORDERING POLICY FOR SUBSTITUTABLE PRODUCTS UNDER QUADRATIC DEMAND WITH COST OF SUBSTITUTION. JCR. (2020), [cited March 21, 2020]; 7(4): 200-205. doi:10.31838/jcr.07.04.36



Harvard Style

B. Komala Durga, E. Chandrasekaran (2020) OPTIMAL ORDERING POLICY FOR SUBSTITUTABLE PRODUCTS UNDER QUADRATIC DEMAND WITH COST OF SUBSTITUTION. JCR, 7 (4), 200-205. doi:10.31838/jcr.07.04.36



Turabian Style

B. Komala Durga, E. Chandrasekaran. 2020. OPTIMAL ORDERING POLICY FOR SUBSTITUTABLE PRODUCTS UNDER QUADRATIC DEMAND WITH COST OF SUBSTITUTION. Journal of Critical Reviews, 7 (4), 200-205. doi:10.31838/jcr.07.04.36



Chicago Style

B. Komala Durga, E. Chandrasekaran. "OPTIMAL ORDERING POLICY FOR SUBSTITUTABLE PRODUCTS UNDER QUADRATIC DEMAND WITH COST OF SUBSTITUTION." Journal of Critical Reviews 7 (2020), 200-205. doi:10.31838/jcr.07.04.36



MLA (The Modern Language Association) Style

B. Komala Durga, E. Chandrasekaran. "OPTIMAL ORDERING POLICY FOR SUBSTITUTABLE PRODUCTS UNDER QUADRATIC DEMAND WITH COST OF SUBSTITUTION." Journal of Critical Reviews 7.4 (2020), 200-205. Print. doi:10.31838/jcr.07.04.36



APA (American Psychological Association) Style

B. Komala Durga, E. Chandrasekaran (2020) OPTIMAL ORDERING POLICY FOR SUBSTITUTABLE PRODUCTS UNDER QUADRATIC DEMAND WITH COST OF SUBSTITUTION. Journal of Critical Reviews, 7 (4), 200-205. doi:10.31838/jcr.07.04.36





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