Optimizing Preservation Strategies for Deteriorating Items with Time-Varying Holding Cost and Stock-Dependent Demand
Abstract
Organizations are keen on rethinking and optimizing their existing strategies so as to attain profitability. The increasing deterioration rate is fatal for the overall benefit of the organization. An investment in preservation technology is by far the most influential move towards dealing with deterioration adroitly. The proposed framework studies the impact of preservation technology in controlling the lifespan of deteriorating items. Moreover, it is noticed that the demand pattern of many products is reliant on its availability and usability. Obliging with this fact, the demand for the product is considered to be “stock-dependent” and the holding cost is assumed to vary with time. The developed model minimizes the retailer’s total cost by optimizing the cycle span while simultaneously reducing the investment in preservation technology. Numerical examples with various special conditions have been discussed and key model features are explicated through sensitivity analysis.
Author Biography
Chandra K. Jaggi, Professor, Department of Operational Research, University of Delhi, India. He was awarded “IEOM Outstanding Service Award" "In Recognition and Appreciation of Outstanding Support, Service, Contributions, and Global Community Engagement in Industrial Engineering and Operations Management Profession" by Industrial Engineering and Operations Management Society, USA in 2016. He was awarded the Certificate of Excellence in 2nd Academic Brilliance Award 2014 by EET CRS, Research wing for excellence in Professional Education & Industry, Noida. He is Fellow Member of International Science Congress Association since 2012. In 2010, he was awarded Certificate for his Exceptional Contributions in the field of Inventory Management by Lingaya’s University, Faridabad and in 2009 was awarded Certificate for his Significant Contributions in Operation Management by Society for Reliability Engineering, Quality and Operations Management (SREQOM), New Delhi. A recipient of Shiksha Rattan Puraskar (for Meritorious Services, Outstanding Performance and Remarkable Role) in 2007 by India International Friendship Society. He was Chairman, Governing Body, Sri Aurobindo College, University of Delhi and Treasurer, Governing Body, Acharya Narendra Dev College, University of Delhi. Presently member of Governing Bodies of Shyam Lal College and Bhim Rao Ambedkar College.
He is Life member of ORSI, ISCA, CSI, ISPS, International Science Congress Association, The Society of Mathematical Sciences, University of Delhi, India, Society for Reliability Engineering, Quality and Operations Management. He is a reviewer of more than 25 International/National journals.
His research interest lies in the field of Supply Chain and Inventory Management. He has published 7 Book Chapters and more than 115 research papers in various international/national journals. He has guided 13 Ph. D. and 24 M. Phil. in Operational Research.
He is Editor-in-Chief of International Journal Inventory Control and Management and Associate Editor of International Journal of System Assurance Engineering and Management (IJSAEM), Springer, Co-Editor / Reviewer-In-Charge of The Gstf Journal of Mathematics, Statistics And Operations Research (JMSOR ) and on the Editorial Board of the International Journal of System Sciences: Operations & Logistics, International Journal of Services Operations and Informatics (IJSOI), American Journal of Operational Research (AJOR), International Journal of Enterprise Computing And Business Systems (IJECBS), Journal of Applied Sciences Research (JASR), Australian Journal of Basic and Applied Sciences (AJBAS). He has traveled to USA, Canada, Philippines, Macau, Iran and different parts of India for delivering Key Note Address and invited talks.
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