Optimization on Deteriorating Inventories During a Sudden Pandemic Situation
Keywords:Deteriorating food products, Expiration date, Deterministic inventory model, Authorized and unauthorized dealer, Expiration rate, Selling price, Pandemic situation
Today, the World Health Organization and many countries globally, have implemented a lockdown to restrict the spread of the novel coronavirus disease. For this concern, we have worked out a model on deteriorating food supply chain with two different dealers during the pandemic situation. First, the authorized dealer sells the products directly to the customer. As the lockdown begins, he has two options to sell the products. (i) He owns the unsold products himself and awaits unlocking but this option gives more deterioration as the time goes. (ii) He passes on all those remaining unsold inventories to an unauthorized dealer for sale. The profit maximization is done through the genetic algorithm and compared with the results of both dealers.
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