[ Log In | Register]
! Skip Navigation Links
Skip Navigation Links
Image of Journal of Applied Nonlinear Dynamics
ISSN:2164-6457 (print)
ISSN:2164-6473 (online)
Journal of Applied Nonlinear Dynamics
Miguel A. F. Sanjuan (editor), Albert C.J. Luo (editor)
Miguel A. F. Sanjuan (editor)

Department of Physics, Universidad Rey Juan Carlos, 28933 Mostoles, Madrid, Spain

Email: miguel.sanjuan@urjc.es

Albert C.J. Luo (editor)

Department of Mechanical and Industrial Engineering, Southern Illinois University Ed-wardsville, IL 62026-1805, USA

Fax: +1 618 650 2555 Email: aluo@siue.edu

Sustainable Inventory Optimization: Managing Ayurvedic Medicines with Stochastic Demand and Bi-Level Trade Credit

Journal of Applied Nonlinear Dynamics 14(4) (2025) 875--885 | DOI:10.5890/JAND.2025.12.009

Vinita Dwivedi, Mamta Keswani

Department of Mathematics and Statistics, Dr. Harisingh Gour Vishwavidyalaya, Sagar, M.P., 470003, India

Download Full Text PDF

 

Abstract

In today's evolving business environment, particularly within the medical sector, companies face significant challenges in boosting sales of Ayurvedic medicines while embracing sustainable practices. This study introduces an innovative approach to managing the unpredictable demand for Ayurvedic medicines and emphasizes the importance of sourcing products sustainably to reduce environmental harm. We propose a cutting-edge inventory model tailored for non-instantaneously deteriorating Ayurvedic medicines, integrating discount policies and bi-level trade credit financing.

References

  1. [1] IQAir (2022), World Air Quality Report 2020, https://www.iqair.com/world-air-quality-report, accessed on 2022.
  2. [2] Lalith, P.R.N., and Kirubakaran, V. (2021), Optimization of energy-intensive process in Ayurvedic medicine manufacturing unit—a case study, PIOS, 5, 975–992.
  3. [3] Christopher, M. (2016), Logistics and Supply Chain Management: Logistics $\&$ Supply Chain Management, Pearson UK.
  4. [4] Sharma, R. (2023), The Socio-Economic Growth Of Ayurvedic Pharmaceutical Industry In India, JRTDD, 6(10s (2)), 2082-2088.
  5. [5] Singh, R. and Mishra, V.K. (2022), Sustainable optimal ordering quantity for non-instantaneous deteriorating items under joint replenishment with substitution and carbon emission, Kybernetes, 51(1), 442-465. https://doi.org/10.1108/K-10-2020-0714
  6. [6] Keswani, M. and Khedlekar, U.K. (2024), Optimizing pricing and promotions for sustained profitability in declining markets: A Green-Centric inventory model, DSFE, 4(1), 65-80. https://doi.org/10.1016/j.spc.2020.12.005
  7. [7] Keswani, M. and Khedlekar, U.K. (2024), Optimal inventory management strategies for sequentially convertible items with different distribution patterns: A comprehensive stochastic approach, Numerical Algebra, Control and Optimization, Doi: 10.3934/naco.2024033
  8. [8] Hasan, M.R., Roy, T.C., Daryanto, Y., and Wee, H.M. (2021), Optimizing inventory level and technology investment under a carbon tax, cap-and-trade and strict carbon limit regulations, Sustainable Production and Consumption, 25, 604-621. https://doi.org/10.1016/j.spc.2020.12.005
  9. [9] Ladany, S. and Sternlieb, A. (1974), The interaction of economic ordering quantities and marketing policies, AIIE Transactions, 6(1), 35-40. https://doi.org/10.1080/05695557408974930
  10. [10] Pal, A.K., Bhunia, A.K., and Mukherjee, R.N. (2006), Optimal lot size model for deteriorating items with demand rate dependent on displayed stock level (DSL) and partial backordering, European Journal of Operational Research, 175(2), 977-991. https://doi.org/10.1016/j.ejor.2005.05.022
  11. [11] Mondal, B., Bhunia, A., and Maiti, M. (2007), A model on two storage inventory system under stock dependent selling rate incorporating marketing decisions and transportation cost with optimum release rule, TOJMS, 23(3), 243-267.
  12. [12] Shah, N.H., Soni, H.N., and Patel, K.A. (2013), Optimizing inventory and marketing policy for non-instantaneous deteriorating items with generalized type deterioration and holding cost rates, Omega, 41(2), 421-430. https://doi.org/10.1016/j.omega.2012.03.002
  13. [13] Singh, S., Khurana, D., and Tayal, S. (2016), An economic order quantity model for deteriorating products having stock dependent demand with trade credit period and preservation technology, Uncertain Supply Chain Management, 4(1), 29-42. https://doi.org/10.5267/j.uscm.2015.8.001
  14. [14] Resmi, B.G., Chhaju, R.Y., and Abhilash, M. (2022), Impact of environmental toxicity on health in ayurvedic parlance, IJCMPH, 9(8), 3326-3334.
  15. [15] Renju, R., Delvin, T.R., and Vandanarani, M. (2018), Biomedical waste management in Ayurveda hospitals e current practices $\&$ future prospectives, J-AIM, 1-8.
  16. [16] Edavalath, M. and Benil, P.B. (2021), Methodology for developing and evaluating diagnostic tools in Ayurveda e A review, J-AIM, 12, 389-397.
  17. [17] Geetha, K.V. and Uthayakumar, R. (2010), Economic design of an inventory policy for non-instantaneous deteriorating items under permissible delay in payments, Journal of Computational and Applied Mathematics, 233(10), 2492-2505. https://doi.org/10.1016/j.cam.2009.10.031
  18. [18] Musa, A. and Sani, B. (2012), Inventory ordering policies of delayed deteriorating items under permissible delay in payments, International Journal of Production Economics, 136(1), 75-83. https://doi.org/10.1016/j.ijpe.2011.09.013
  19. [19] Rabbani, M., Zia, N.P., and Rafiei, H. (2017), Joint optimal inventory, dynamic pricing and advertisement policies for non-instantaneous deteriorating items, RAIRO Operations Research, 51(4), 1251-1267. https://doi.org/10.1051/ro/2016074
  20. [20] Shah, N.H., Shah, D.B., and Patel, D.G. (2015), Optimal preservation technology investment, retail price and ordering policies for deteriorating items under trended demand and two level trade credit financing, Mathematical and Operations Research, 14(1), 1. https://doi.org/10.1007/s10852-014-9253-0
  21. [21] Dye, C.Y. (2013), The effect of preservation technology investment on a non-instantaneous deteriorating inventory model, Omega, 41(5), 872-880. https://doi.org/10.1016/j.omega.2012.11.002
  22. [22] Rathore, H. (2019), A preservation technology model for deteriorating items with advertisement-dependent demand and trade credit, in Logistics, Supply Chain and Financial Predictive Analytics: Theory and Practices (pp. 211-220). https://doi.org/10.1088/1757-899X/1099/1/012069
  23. [23] Rapolu, C.N. and Kandpal, D.H. (2020), Joint pricing, advertisement, preservation technology investment and inventory policies for non-instantaneous deteriorating items under trade credit, Opsearch, 57(2), 274-300. https://doi.org/10.1007/s12597-019-00427-7
  24. [24] Soni, H., Shah, N.H., and Jaggi, C.K. (2010), Inventory models and trade credit: a review, Control and Cybernetics, 39(3), 867-882.
  25. [25] Selvi, P. and Ritha, W. (2021), Green Inventory Model With The Impact Of Trade Credit And Partial Backordering Under Permissible Delay In Payment, NVEO, 9979-9993.
  26. [26] Shah, B.J. and Shroff, A. (2022), Inventory model for sustainable operations of fixed-life products: Role of trapezoidal demand and two-level trade credit financing, Journal of Cleaner Production, 380, 135093. https://doi.org/10.1016/j.jclepro.2022.135093
  27. [27] Narang, P., Kumari, M., and De, P.K. (2023), A Three-Layer Imperfect Production Supply Chain Model with Green Investment Under Trade Credit and Cap-Trade Policy, Journal of Industrial and Integrated Management, 1-37. https://doi.org/10.1142/S2424862223500057

Copyright © 2011-2024 L & H Scientific Publishing. All rights reserved. Wildcard SSL Certificates