Title: An Entropic Inventory Model for Imperfect Product Quality with Multivariate Demand and Permissible Delay in Payment under Inflationary Environment

Author (s):: Singh G.; Singh D.; Rani M.

Journal: AIP Conference Proceedings

Month and Year: November 2022

Abstract: Multivariate demand is a practical approach in today’s business scenario. The entropy of a system is a measurement of the amount of disorder. Inflation is one of the major factors in inventory modeling. It makes the inventory model to realistic. Permissible delay in payment also plays an important role in a highly competitive market. It is a promotional tool to push the product, which indirectly reduces the selling price of the product. This paper developed an Entropic inventory model of imperfect product quality with multivariate demand and permissible delay in payment under the inflationary environment. The finding of this paper is that cost of entropy behaves the same as the selling price and EOQ. The numerical example is carried out using the software MATHEMATICA12.0. Sensitivity Analysis is carried out to see the behavior of different parameters. © 2022 American Institute of Physics Inc.. All rights reserved.

Document Type: Conference paper

DOI: https://doi.org/10.1063/5.0104599