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http://airccse.org/journal/mvsc/ijmvsc.html
Citation Count-6
INVENTORY MODELS INVOLVING LEAD TIME
CRASHING COST AS AN EXPONENTIAL
FUNCTION
M. Vijayashree1
*, R. Uthayakumar2
1
* Full Time Research Scholar, Department of Mathematics, The Gandhigram
Rural Institute – Deemed University, Gandhigram- 624 302, Tamilnadu, India. 2
Professor & Head, Department of Mathematics, The Gandhigram Rural Institute –
Deemed University, Gandhigram- 624302, Tamilnadu, India.
ABSTRACT
Inventory management and control is concerned with the acquisition and storage of
materials required for supporting various business operations. Lead time reduction is
another important production activity in an integrated inventory control. Lead time plays
a vital role and has been a topic of interest for many authors in inventory organization.
Lead time is a necessary aspect in any supply chain management and inventory
management system. The time gap between placing of an order and its actual arrival in
the inventory is known as lead time. In most of the literature dealing with inventory
problems, either in deterministic or probabilistic model, lead time is viewed as a
prescribed constant or a stochastic variable, which therefore, is not subject to control.
But, in numerous sensible circumstances, lead time can he reduced by an additional
crashing cost; in other words, it is controllable, so in this article, we have considered the
lead time crashing cost is an exponential function of lead time. A solution procedure is
developed to find the optimal solution. In this article, both lead time and the order
quantity are considered as the decision variables. The behaviour of the model is presented
graphically. The result is illustrated with the help of a numerical example. Finally,
Graphical representation is presented to illustrate the model. The solution procedure with
the help of the software Matlab 2008 is furnished to determine the optimal solution.
KEYWORDS
Integrated inventory model, Supply chain management, lead time crashing cost
For More Details : http://aircconline.com/ijmvsc/V7N2/7216ijmvsc04.pdf
Volume Link : http://airccse.org/journal/mvsc/vol7.html
REFERENCES
[1] Ballou, R. H. (2004). “Business Logistics/Supply Chain Management”.
[2] Banerjee, A. (1986). “A joint economic-lot-size model for purchaser and vendor,”
Decision Sciences. Vol. 17, pp. 292-311.
[3] Ben-Daya, M. & Raouf, A. (1994). “Inventory models involving lead time as decision
variable”, Journal of Operational Research Society. Vol. 45, pp. 579-582.
[4] Ben-Daya, M., & Hariga, M. (2003). “Lead-time reduction in a stochastic inventory
system with learning consideration”, International Journal of Production Research. Vol.
41, pp. 571-579.
[5] Chang, H. M., Ouyang, L. Y., Wu, K .S. & Ho., C. H. (2006). “Integrated vendor-
buyer cooperative inventory models with controllable lead time and ordering cost
reduction”, European Journal of Operational Research, Vol. 170, pp. 481–495. [6] Chen,
C. K., Chang, H. C. & Ouyang, L. Y. (2001). “A continuous re- view inventory model
with ordering cost dependent on lead time”, International Journal of Information and
Management Sciences. Vol. 12, pp. 1- 13.
[7] Cousins, P. D., Lawson, B. & Squire, B. (2006). “Supply chain management: theory
and practice – the emergence of an academic discipline”, International Journal of
Operations & Production Management, Vol. 26, pp.697 – 702.
[8] Finch, C. (2006). “Operations Now: Profitability, Processes, Performance”, 2nd edn,
McGraw-Hill/ Irwin, United States.
[9] Ghare, P. M., & Schrader, G. H. (1963) “A model for exponentially decaying
inventory system“, International Journal of Production Research, Vol. 21, pp. 449-460.
[10] Gholami-Qadikolaei, A., Sobhanallahi, M. A. & Mirzazadeh, A. (2013). “Lead time
reduction inbudget and storage space restricted lot size reorder point inventory models
with controllable negative exponential backorder rate”, Research Journal of Applied
Sciences, Engineering and Technology, Vol.5, pp. 1557-1567.
[11] Goyal, S. K. & Nebebe, F. (2000). ”Determination of economic production-shipment
policy for a single-vendor-single-buyer system”, European Journal of the Operational
Research. Vol. 121, No. 1, pp. 175-178.
[12] Goyal, S. K. (1976). “An integrated inventory model for a single supplier-single
customer problem”. International Journal of Production Research. Vol. 15, pp. 107-111.
[13] Goyal, S. K. (1988). “A joint economic-lot-size model for purchaser and vendor: a
comment,” Decision Sciences. Vol. 19, pp. 236-241.
[14] Goyal, S. K. (1995). “A one vendor multi-buyer integrated inventory model: a
comment”, European Journal of Operational Research. Vol. 82, pp. 209–210.
[15] Hariga, M. & Ben-Daya, M. (1999). “Some stochastic inventory models with
deterministic variable lead time”. European Journal of Operational Research. Vol. 113,
pp. 42–51.
[16] Hariga, M. (1999). “A stochastic inventory model with lead time and lot size
interaction”, Production Planning and Control. Vol.10, pp. 434-438.
[17] Hill, R. M. (1997) “The single-vendor single-buyer integrated production inventory
model with a generalized policy”. European Journal of Operational Research. Vol. 97,
No. 3, pp. 493-499.
[18] Hill, R. M. (1999) “The optimal production and shipment policy for the single-
vendor single-buyer integrated production-inventory problem”, International Journal of
production Research. Vol. 37, pp. 2463-2475.
[19] Hsu, S. L. & Lee, C.C. (2009). Replenishment and lead time decisions in
manufacturer retailer chains, Transportation Research Part E, Vol.45, pp. 398-408.
[20] Lan, S. P., Chu, P., Chung, K. J., Wan, W. J. & Lo, R. (1999). “A simple method to
locate the optimal solution of the inventory model with variable lead time”. Computers
and Operations Research. Vol. 26, pp. 599–605.
[21] Lee, HL & Billington, C 1995, ‘The evolution of supply chain management models
and practices at Hewlett Packard’, Interface, Vol. 25, no.5, pp.42–63.
[22] Liao, C. J. & Shyu, C. H. (1991). “An analytical determination of lead time with
normal demand”, International Journal of Operations & Production Management. Vol.
11, pp.72-78.
[23] Lu, L. (1995). “A one- vendor multi-buyer integrated inventory model”. European
Journal of operational Research. Vol. 81, pp. 312-323.
[24] Martinich, J. C. (1997). “Production and Operations Management”, Wiley, New
York.
[25] Moon, I. & Choi, S. (1998). “A note on lead time and distributional assumptions in
continuous review inventory models”, Computers and Operations Research. Vol. 25: pp.
1007–1012.
Citation Count-5
VALUE CHAIN MANAGEMENT IN MARINE
FISHERIES: A CASE STUDY OF ANDHRA
PRADESH
V V Devi Prasad Kotni
Department of Management Studies Gayatri Vidya Parishad College for Degree
and PG Courses (A), Visakhapatnam, India
ABSTRACT
The value chain management assists the stakeholders to perform value added operations,
add value to the product and have better returns from the market. This paper attempts at
value chain management practices adopted by the players of the marine fisheries chain in
Andhra Pradesh and how much value they are adding to the final fish product. The study
has been structured to capture the essence of the processes and flow of the value chain in
Marine fisheries. The study is designed in such a way that it addresses various research
questions like the basic value chain structure, value added operations in fisheries value
chain, cost of each operation along with price increase and finally the final price of the
product. In this paper, in order to suggest the suitable value chain, a thorough market
research was conducted to study the Value Chain Management practices employed by
Fishermen, Middlemen, Retailers, Head loaders and Cycle carrier with respect to fresh
fish in the coastal area of the State of Andhra Pradesh, India.
For More Details : http://aircconline.com/ijmvsc/V7N2/7216ijmvsc02.pdf
Volume Link : http://airccse.org/journal/mvsc/vol7.html
REFERENCES
[1] Brown, L (1997), Competitive Marketing Strategy [M]. Melbourne: Nelson Press.
[2] Ching Chyi Lee and Jie Yang (2000), “Knowledge Value chain”, Journal of
Management Development, Vol.19, No.9, p.783-793.
[3] Gabriel, E. (2006), “Value Chain for Services - A new dimension of Porter’s Value
Chain”. The IMS International Journal, Vol.34, p.1-30.
[4] Ilyas, R.M., Ravi Shankar., Banwet, D.K., (2008b), “Creating flex-lean-agile value
chain by outsourcing - An ISM based interventional roadmap”, Business Process
Management Journal, Vol. 14, No. 3, p.338-389.
[5] Kaplinsky, R. and M. Morris (2001), “A Handbook for Value Chain Research”,
Prepared for the International Development Research Centre (IDRC), p.4-6.
[6] Lynch, R. (2003), Corporate Strategy, 3rd ed., Prentice Hall Financial Times.
[7] Pathania-Jain, G. (2001), “Global parents, local partners: A value-chain analysis of
collaborative strategies of media firms in India”, Journal of Media Economics, Vol. 14,
No. 3, p. 169-187.
[8] Porter, M. E. (1990), The competitive advantage of nations, New York: Free Press.
[9] Porter M. E (1985), Competitive Advantage: Creating and Sustaining Superior
Performance, New York: The Free Press.
[10] Rejean Landry, Nabil Amara, Ariel Pablos-Mendeo, Ramesh Shademani & Irving
Gold (2006), “The knowledge-value chain: a conceptual framework for knowledge
translation in health”, Bulletin of the World Health Organization, Vol.84, No.8, p.597-
602.
[11] Seyed Mohammad Adeli, Silvia Elaluf Calderwood, Claus Oskar Heintzeler, Javier
Huerta and Caroline Legler (2012), “Mobile Value Chain and Services”, MOBILITY:
The Second International Conference on Mobile Services, Resources and Users.
[12] SustainAbility, UNEP and UNGC (2008), Unchaining Value: Innovative approaches
to sustainable supply, p.2.
[13] Van der Merwe, A. & Cronje, J. (2004), “The educational value chain as a
modelling tool in reengineering efforts”, Proceedings of the 2004 international
Symposium on information and Communication Technologies, ACM International
Conference Proceedings Series, Vol.90, No.1, p.122-127.
[14] Vorster, A. (2001), “Planning for value in the mining value chain”, The Journal of
The South African Institute of Mining and Metallurgy, March/April, p.61-68. Wang
Aimin & Li Shunxi (2011), “A Model of Value Chain Management Based on Customer
Relationship Management”, Journal on Innovation and Sustainability, Vol.2, No.3, p.17-
21.
[15] Walters D., Lancaster G (2000), Implementing Value Strategy through the Value
Chain, Management Decision, 38(3), pp 160-178.
[16] WBCSD (2011), Collaboration, innovation, transformation: Ideas and inspiration to
accelerate sustainable growth - A value chain approach, p.3 & 5.

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MOST CITED ARTICLES IN 2016 - International Journal of Managing Value and Supply Chains ( IJMVSC )

  • 1. MMOOSSTT CCIITTEEDD AARRTTIICCLLEESS IINN 22001166 IISSSSNN:: 00997766 -- 997799XX ((OOnnlliinnee));; 22223300 -- 77996666 ((pprriinntt)) IInntteerrnnaattiioonnaall JJoouurrnnaall ooff MMaannaaggiinngg VVaalluuee aanndd SSuuppppllyy CChhaaiinnss ((IIJJMMVVSSCC)) http://airccse.org/journal/mvsc/ijmvsc.html
  • 2. Citation Count-6 INVENTORY MODELS INVOLVING LEAD TIME CRASHING COST AS AN EXPONENTIAL FUNCTION M. Vijayashree1 *, R. Uthayakumar2 1 * Full Time Research Scholar, Department of Mathematics, The Gandhigram Rural Institute – Deemed University, Gandhigram- 624 302, Tamilnadu, India. 2 Professor & Head, Department of Mathematics, The Gandhigram Rural Institute – Deemed University, Gandhigram- 624302, Tamilnadu, India. ABSTRACT Inventory management and control is concerned with the acquisition and storage of materials required for supporting various business operations. Lead time reduction is another important production activity in an integrated inventory control. Lead time plays a vital role and has been a topic of interest for many authors in inventory organization. Lead time is a necessary aspect in any supply chain management and inventory management system. The time gap between placing of an order and its actual arrival in the inventory is known as lead time. In most of the literature dealing with inventory problems, either in deterministic or probabilistic model, lead time is viewed as a prescribed constant or a stochastic variable, which therefore, is not subject to control. But, in numerous sensible circumstances, lead time can he reduced by an additional crashing cost; in other words, it is controllable, so in this article, we have considered the lead time crashing cost is an exponential function of lead time. A solution procedure is developed to find the optimal solution. In this article, both lead time and the order quantity are considered as the decision variables. The behaviour of the model is presented graphically. The result is illustrated with the help of a numerical example. Finally, Graphical representation is presented to illustrate the model. The solution procedure with the help of the software Matlab 2008 is furnished to determine the optimal solution. KEYWORDS Integrated inventory model, Supply chain management, lead time crashing cost For More Details : http://aircconline.com/ijmvsc/V7N2/7216ijmvsc04.pdf Volume Link : http://airccse.org/journal/mvsc/vol7.html
  • 3. REFERENCES [1] Ballou, R. H. (2004). “Business Logistics/Supply Chain Management”. [2] Banerjee, A. (1986). “A joint economic-lot-size model for purchaser and vendor,” Decision Sciences. Vol. 17, pp. 292-311. [3] Ben-Daya, M. & Raouf, A. (1994). “Inventory models involving lead time as decision variable”, Journal of Operational Research Society. Vol. 45, pp. 579-582. [4] Ben-Daya, M., & Hariga, M. (2003). “Lead-time reduction in a stochastic inventory system with learning consideration”, International Journal of Production Research. Vol. 41, pp. 571-579. [5] Chang, H. M., Ouyang, L. Y., Wu, K .S. & Ho., C. H. (2006). “Integrated vendor- buyer cooperative inventory models with controllable lead time and ordering cost reduction”, European Journal of Operational Research, Vol. 170, pp. 481–495. [6] Chen, C. K., Chang, H. C. & Ouyang, L. Y. (2001). “A continuous re- view inventory model with ordering cost dependent on lead time”, International Journal of Information and Management Sciences. Vol. 12, pp. 1- 13. [7] Cousins, P. D., Lawson, B. & Squire, B. (2006). “Supply chain management: theory and practice – the emergence of an academic discipline”, International Journal of Operations & Production Management, Vol. 26, pp.697 – 702. [8] Finch, C. (2006). “Operations Now: Profitability, Processes, Performance”, 2nd edn, McGraw-Hill/ Irwin, United States. [9] Ghare, P. M., & Schrader, G. H. (1963) “A model for exponentially decaying inventory system“, International Journal of Production Research, Vol. 21, pp. 449-460. [10] Gholami-Qadikolaei, A., Sobhanallahi, M. A. & Mirzazadeh, A. (2013). “Lead time reduction inbudget and storage space restricted lot size reorder point inventory models with controllable negative exponential backorder rate”, Research Journal of Applied Sciences, Engineering and Technology, Vol.5, pp. 1557-1567. [11] Goyal, S. K. & Nebebe, F. (2000). ”Determination of economic production-shipment policy for a single-vendor-single-buyer system”, European Journal of the Operational Research. Vol. 121, No. 1, pp. 175-178. [12] Goyal, S. K. (1976). “An integrated inventory model for a single supplier-single customer problem”. International Journal of Production Research. Vol. 15, pp. 107-111. [13] Goyal, S. K. (1988). “A joint economic-lot-size model for purchaser and vendor: a comment,” Decision Sciences. Vol. 19, pp. 236-241.
  • 4. [14] Goyal, S. K. (1995). “A one vendor multi-buyer integrated inventory model: a comment”, European Journal of Operational Research. Vol. 82, pp. 209–210. [15] Hariga, M. & Ben-Daya, M. (1999). “Some stochastic inventory models with deterministic variable lead time”. European Journal of Operational Research. Vol. 113, pp. 42–51. [16] Hariga, M. (1999). “A stochastic inventory model with lead time and lot size interaction”, Production Planning and Control. Vol.10, pp. 434-438. [17] Hill, R. M. (1997) “The single-vendor single-buyer integrated production inventory model with a generalized policy”. European Journal of Operational Research. Vol. 97, No. 3, pp. 493-499. [18] Hill, R. M. (1999) “The optimal production and shipment policy for the single- vendor single-buyer integrated production-inventory problem”, International Journal of production Research. Vol. 37, pp. 2463-2475. [19] Hsu, S. L. & Lee, C.C. (2009). Replenishment and lead time decisions in manufacturer retailer chains, Transportation Research Part E, Vol.45, pp. 398-408. [20] Lan, S. P., Chu, P., Chung, K. J., Wan, W. J. & Lo, R. (1999). “A simple method to locate the optimal solution of the inventory model with variable lead time”. Computers and Operations Research. Vol. 26, pp. 599–605. [21] Lee, HL & Billington, C 1995, ‘The evolution of supply chain management models and practices at Hewlett Packard’, Interface, Vol. 25, no.5, pp.42–63. [22] Liao, C. J. & Shyu, C. H. (1991). “An analytical determination of lead time with normal demand”, International Journal of Operations & Production Management. Vol. 11, pp.72-78. [23] Lu, L. (1995). “A one- vendor multi-buyer integrated inventory model”. European Journal of operational Research. Vol. 81, pp. 312-323. [24] Martinich, J. C. (1997). “Production and Operations Management”, Wiley, New York. [25] Moon, I. & Choi, S. (1998). “A note on lead time and distributional assumptions in continuous review inventory models”, Computers and Operations Research. Vol. 25: pp. 1007–1012.
  • 5. Citation Count-5 VALUE CHAIN MANAGEMENT IN MARINE FISHERIES: A CASE STUDY OF ANDHRA PRADESH V V Devi Prasad Kotni Department of Management Studies Gayatri Vidya Parishad College for Degree and PG Courses (A), Visakhapatnam, India ABSTRACT The value chain management assists the stakeholders to perform value added operations, add value to the product and have better returns from the market. This paper attempts at value chain management practices adopted by the players of the marine fisheries chain in Andhra Pradesh and how much value they are adding to the final fish product. The study has been structured to capture the essence of the processes and flow of the value chain in Marine fisheries. The study is designed in such a way that it addresses various research questions like the basic value chain structure, value added operations in fisheries value chain, cost of each operation along with price increase and finally the final price of the product. In this paper, in order to suggest the suitable value chain, a thorough market research was conducted to study the Value Chain Management practices employed by Fishermen, Middlemen, Retailers, Head loaders and Cycle carrier with respect to fresh fish in the coastal area of the State of Andhra Pradesh, India. For More Details : http://aircconline.com/ijmvsc/V7N2/7216ijmvsc02.pdf Volume Link : http://airccse.org/journal/mvsc/vol7.html
  • 6. REFERENCES [1] Brown, L (1997), Competitive Marketing Strategy [M]. Melbourne: Nelson Press. [2] Ching Chyi Lee and Jie Yang (2000), “Knowledge Value chain”, Journal of Management Development, Vol.19, No.9, p.783-793. [3] Gabriel, E. (2006), “Value Chain for Services - A new dimension of Porter’s Value Chain”. The IMS International Journal, Vol.34, p.1-30. [4] Ilyas, R.M., Ravi Shankar., Banwet, D.K., (2008b), “Creating flex-lean-agile value chain by outsourcing - An ISM based interventional roadmap”, Business Process Management Journal, Vol. 14, No. 3, p.338-389. [5] Kaplinsky, R. and M. Morris (2001), “A Handbook for Value Chain Research”, Prepared for the International Development Research Centre (IDRC), p.4-6. [6] Lynch, R. (2003), Corporate Strategy, 3rd ed., Prentice Hall Financial Times. [7] Pathania-Jain, G. (2001), “Global parents, local partners: A value-chain analysis of collaborative strategies of media firms in India”, Journal of Media Economics, Vol. 14, No. 3, p. 169-187. [8] Porter, M. E. (1990), The competitive advantage of nations, New York: Free Press. [9] Porter M. E (1985), Competitive Advantage: Creating and Sustaining Superior Performance, New York: The Free Press. [10] Rejean Landry, Nabil Amara, Ariel Pablos-Mendeo, Ramesh Shademani & Irving Gold (2006), “The knowledge-value chain: a conceptual framework for knowledge translation in health”, Bulletin of the World Health Organization, Vol.84, No.8, p.597- 602. [11] Seyed Mohammad Adeli, Silvia Elaluf Calderwood, Claus Oskar Heintzeler, Javier Huerta and Caroline Legler (2012), “Mobile Value Chain and Services”, MOBILITY: The Second International Conference on Mobile Services, Resources and Users. [12] SustainAbility, UNEP and UNGC (2008), Unchaining Value: Innovative approaches to sustainable supply, p.2. [13] Van der Merwe, A. & Cronje, J. (2004), “The educational value chain as a modelling tool in reengineering efforts”, Proceedings of the 2004 international Symposium on information and Communication Technologies, ACM International Conference Proceedings Series, Vol.90, No.1, p.122-127. [14] Vorster, A. (2001), “Planning for value in the mining value chain”, The Journal of The South African Institute of Mining and Metallurgy, March/April, p.61-68. Wang Aimin & Li Shunxi (2011), “A Model of Value Chain Management Based on Customer
  • 7. Relationship Management”, Journal on Innovation and Sustainability, Vol.2, No.3, p.17- 21. [15] Walters D., Lancaster G (2000), Implementing Value Strategy through the Value Chain, Management Decision, 38(3), pp 160-178. [16] WBCSD (2011), Collaboration, innovation, transformation: Ideas and inspiration to accelerate sustainable growth - A value chain approach, p.3 & 5.