Solving a vendor–buyer integrated problem with rework and a specific multi-delivery policy by a two-phase algebraic approach |
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| Institution: | 1. Department of Industrial Engineering and Management, Chaoyang University of Technology, Taichung 413, Taiwan;2. Department of Industrial Engineering & Systems Management, Feng Chia University, Taichung, Taiwan;1. Institute for Financial Management Research, 24, Kothari Road, Nungambakkam, Chennai 600034, India;2. Centre for Advanced Financial Studies, Institute for Financial Management and Research, 24, Kothari Road, Nungambakkam, Chennai 600034, India;1. Edhec Business School, 16–18 rue du 4 septembre, 75002 Paris, France;2. PSE—Paris School of Economics, 48 boulevard Jourdan, 75014 Paris France;1. PSE-INRA, 48 boulevard Jourdan, 75014 Paris, France;2. Charlotte Emlinger, CEPII, 113 rue de Grenelle, 75007 Paris, France;3. Jean Fouré, CEPII, 113 rue de Grenelle, 75007 Paris, France;1. Graduate School of Economics, Kobe University, Japan;2. Faculty of Economics, Oita University, Japan |
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| Abstract: | This paper is concerned with solving a vendor–buyer integrated inventory problem with rework and a specific multi-delivery policy by a two-phase algebraic approach. Conventional method to the problem is to use differential calculus and Hessian matrix equations to prove convexity of system cost function first before determining the optimal production–shipment policy for such a vendor–buyer integrated system (Chiu et al., 2013b). This study presents an alternative two-phase algebraic approach to derive the same optimal policy. The proposed straightforward algebraic derivations can assist practitioners who may not have sufficient knowledge of calculus in understanding with ease such a real life vendor–buyer integrated system. |
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