期刊名称：International Journal of Industrial Engineering Computations
印刷版ISSN：1923-2926
电子版ISSN：1923-2934
出版年度：2019
卷号：10
期号：1
页码：51-66
DOI：10.5267/j.ijiec.2018.5.001
语种：English
出版社：Growing Science Publishing Company
摘要：The implementation of just-in-time (JIT) principles has been shown to be worthy of analysis due to its potential economic benefits. Yet, while several empirical studies have reported the success of adopting JIT management concepts, little work has been accomplished in offering analytical tools for assisting managers for implementing JIT strategy. This paper proposes a new inventory model to better embrace JIT purchasing. In pursuing this goal, we develop a deterministic single-setup multiple-delivery model for deteriorating items by considering the effect of the time value of money (TVM). We propose a solution procedure to determine the optimal decisions that maximize the discounted profit function of this analytical model, and compare it with some other alternatives. Here, we show the derivation of the mathematical model, the algorithm of the proposed solutions, and the application of the new approach through two numerical experiments. The study reveals that modeling the TVM effect complicates the determination of an optimal JIT inventory policy; nevertheless, we find that accounting for TVM can be decisive in terms of promoting and implementing JIT purchasing agreements.
关键词：Inventory model; Deterioration item; Time value of money; Just-in-time purchasing
