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44. Impact of COVID 19 on the demand for an inventory model under preservation technology and advance payment facility

Author

Shaikh Ali Akbar, Das Subhajit, Panda Gobinda Chandra, Hezam Ibrahim M., Alrasheedi Adel Fahad, and Gwak Jeonghwan

Subjects
covid-19 influence, advance payment, discount, covid-19 impact demand, partial backlogging, preservation technology, Physics, QC1-999
Abstract

Due to the COVID-19 epidemic, human civilization and the corporate world confront unfathomable risks to their continued existence on the planet. People all over the world are losing employment or seeing their incomes diminish due to the COVID-19 virus influence. As a result, its influence has a direct effect on the purchasing ability of consumers. When a customer’s purchasing capability is diminished, his desire for items decreases. Again, retailers or suppliers of deteriorative goods face a risk in this uncertain environment, since deteriorative products have a limited shelf life. They should have an appropriate business strategy in this circumstance to maintain their commercial profession. Taking all of these factors into account, an inventory model is created that incorporates the COVID-19 influence on consumers’ demand for perishable commodities with preservation capability. Customers are granted a partial trade credit term to enable them to sell the items on time. The proposed model is very intricate and not amenable to an analytical solution. Two numerical cases are explored and solved to demonstrate the proposed model’s practical usefulness. The eigenvalues of that numerical example are determined to demonstrate that the Hessian matrix is positive definite, i.e., to determine the average cost function’s convexity. Finally, we do a post-optimality study to find out how different inventory characteristics affect the best policies.

Published
2022
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