An EOQ model for a high cost and most wanted vaccine considering the expiration period. (English) Zbl 1412.90008
Summary: In this paper, we considered the fact that effective inventory policies are essential for the most wanted and costly vaccine. Without proper preservation and shortage of such vaccine not only lead to business loss but also have significant impact on patient. Here we assumed that the deterioration rate is controlled by the preservation technology, so that on-hand stock may be finished before deterioration and expiration date. We included trade credit policies, since the retailer can not bare such high amount until the high price vaccine is sold. The model is solved analytically by maximizing the total profit of the inventory system. Finally, numerical examples are presented to illustrate the proposed model.
MSC:
| 90B05 | Inventory, storage, reservoirs |
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