Trade Credit Policies for Supplier, Manufacturer, and Retailer: An Imperfect Production-Inventory System with Rework

In this study, we developed a trade credit policy for a three-layer supply chain consisting of a supplier, a manufacturer and a retailer. We propose an optimal production rate and selling price for the manufacturer and the retailer under an imperfect production system. The suggested coordination policy optimizes the profit of each supply chain member. Two models were formulated for two real-life strategies respectively. The first one is a collaborative (integrated) system and the second one is a Stackelberg leadership system. Both strategies were analyzed for various credit periods, respectively offered by the supplier to the manufacturer, by the manufacturer to the retailer, and by the retailer to the customers, by considering price-sensitive demand and a certain replenishment rate. Finally, we concluded which strategy will be better for inventory management under the given restrictions in the form of propositions. The concavity property for the net profit function was established with respect to the selling price and the production rate, which was also described graphically and analyzed by numerical examples

Trade Credit Policies for Supplier, Manufacturer, and Retailer: An Imperfect Production-Inventory System with Rework

In this study, we developed a trade credit policy for a three-layer supply chain consisting of a supplier, a manufacturer and a retailer. We propose an optimal production rate and selling price for the manufacturer and the retailer under an imperfect production system. The suggested coordination policy optimizes the profit of each supply chain member. Two models were formulated for two real-life strategies respectively. The first one is a collaborative (integrated) system and the second one is a Stackelberg leadership system. Both strategies were analyzed for various credit periods, respectively offered by the supplier to the manufacturer, by the manufacturer to the retailer, and by the retailer to the customers, by considering price-sensitive demand and a certain replenishment rate. Finally, we concluded which strategy will be better for inventory management under the given restrictions in the form of propositions. The concavity property for the net profit function was established with respect to the selling price and the production rate, which was also described graphically and analyzed by numerical examples

Abstracts of the International Conference on Recent Trends in Mathematics and Computer Science 2023

This book presents the abstracts of the selected contributions to the International Conference on Recent Trends in Mathematics and Computer Science 2023 (ICRTMCS-2023), held on 19-21 October 2023 by the Auxilium College of Arts and Science for Women, Regunathapuram, Tamil Nadu, India. ICRTMCS-2023 was a multidisciplinary conference organized with the objective of bringing together eminent academicians, research scholars, and students to exchange ideas, communicate, to discuss research findings and new advances on recent and emerging trends in the field of Mathematics and Computer Science. Moreover, the conference would also enable the participants to explore new fields and gain immense knowledge. Conference Title: International Conference on Recent Trends in Mathematics and Computer Science 2023Conference Acronym: ICRTMCS-2023Conference Date: 19-21 October 2023Conference Venue: Hybrid (Online and Auxilium College of Arts and Science for Women, Regunathapuram, India)Conference Organizer: Departments of Mathematics and Computer Science, Auxilium College of Arts and Science for Women, Regunathapuram, Tamil Nadu, Indi