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An extremely fascinating aspect of managing inventory is mathematical modelling for products that are deteriorating. The book titled ‘Mathematical Modelling of Inventory Some Systems’ carried out two different models for deteriorating inventory models: Model 1: the inventory models with carbon emissions and green investments in VMI system; and Model 2: the inventory models that incorporated freshness and greening efforts for perishable products with controlling deterioration rate.
Controlling carbon emissions has been the primary objective for nations since the emission of carbon causes numerous problems in the global ecosystem. Ordering, production setup, purchasing, storage, impact on the environment, transport, and other inventory system activities all result in the emission of carbon. The management of deteriorating inventory with green technology investment has been one of the areas that contribute to mitigating carbon emissions. This book focused on designing sustainable inventory models to minimize carbon emissions using green investments and applying various carbon policies and trade credit payment systems to the demand of deteriorating products depending on selling price, green investment cost, and their promotion, resulting in a total profit maximized and supply chain costs minimized.
Nowadays, consumers who are concerned about their health prefer and expect nutritional and fresh sustainable products. Product freshness is an essential component of its quality, and as a result, the choice of purchase for consumers depends on the freshness of the green products. Due to the effect of physical deterioration and quality degradation of the product; the product loses its originality continuously, so market demand decreases and hence retailer or producers offers the price discount or markdown strategy to stimulate the demand. Greening efforts are the action taken to minimize the impact trade has on the ecosystem and ensure sustainable products. Taking into account all of these factors, developed the inventory models with the demand is a function of the selling price, age of products (freshness), and greening efforts for deteriorating perishable products and optimize the retailer’s or producer’s profit is maximize.
The objective of the book title Mathematical Modelling of Some Inventory Systems is to maximize the total profit or minimize the total cost of the retailer, producer, or manufacturer at the optimal value of decision variables. Models are validated through numerical examples, sensitivity analysis of parameters, and graphical demonstrations of objective functions, and managerial insights are derived from the analysis. Some concluding remarks, along with future scopes, are discussed in each chapter.