This study investigated an economic order quantity (EOQ) model with completebackorder for fixed lifetime perishable items under multiple advance and delayedpayments policies. Here, a new type of business policy is con...This study investigated an economic order quantity (EOQ) model with completebackorder for fixed lifetime perishable items under multiple advance and delayedpayments policies. Here, a new type of business policy is consideredwhere supplieroffers the retailer to pay a fraction of the purchasing cost before the order deliverybymultiple equal installments starting from the ordering time and the rest amountafter the delivery by multiple equal installments. Here, some theoretical results areillustrated to determine the conditions of existence and uniqueness of the optimalsolutions. A closed form solution is determined to solve the proposed model underapproximation. Some numerical examples are provided to examine the validity ofthe proposed model. Finally, sensitivity analyses are presented to obtain the effectof optimal policy and provide some managerial insights of the model.展开更多
Sondu-Miriu hydropower （SMHP） project experienced delay for about five years and one of the contributing factors was delayed payment of the contractor, with ripples effect extending down the contractual hierarchy. T...Sondu-Miriu hydropower （SMHP） project experienced delay for about five years and one of the contributing factors was delayed payment of the contractor, with ripples effect extending down the contractual hierarchy. This study assessed the effects of delayed payment of the contractor on the completion of SMHP project in Kisumu County, Kenya. More specifically, the study addressed two research questions： What is the relative importance of delayed payment of the contractor compared to other forms of contractual delays？ What is the perceived effect of delayed payment of the contractor on the project＇s completion？ A causal-comparative design was adopted and primary data sourced in May 2011 from 39 senior management staff of contractual parties. Relative importance index （RII） was used to determine the relative importance of perceived effects of delayed payment of the contractor on the project＇s completion; while Kendell＇s coefficient of concordance was applied to determine the degree of agreement among participants regarding their perceived effects of delayed payment. The study found that delayed payment of the contractor affected the project by causing： loss of productivity and efficiency （71.8%）; increase in time-related costs （71.8%）; re-scheduling and re-sequencing of works （69.2%）; extension of time and acceleration （69.2%）; as well as prevention of early completion （53.8%）. The study concludes that timely payment of contractors is crucial for ensuring the continuity of works and completion of infrastructural projects within time, budget, and quality specifications. The study recommends the need for appropriate mitigative measures against potential risks, such as delayed disbursement of funds by external financiers, delayed approval of contractors＇ payment requests, as well as community participation and involvement of civil society to influence accountability in the management of project funds and expedite disbursement of funds for subsequent project phases.展开更多
Delay to large scale projects, which is as a result of actions or inactions of some project stakeholders, is becoming a global phenomena and Ghana is no exception. The objective of the research is to identify, rate an...Delay to large scale projects, which is as a result of actions or inactions of some project stakeholders, is becoming a global phenomena and Ghana is no exception. The objective of the research is to identify, rate and rank the most significant risk factors that causes delay on projects and examine the social impact of these delays to recommend modalities to help mitigate these risk factors. The study adopted quantitative methods with the distribution of 144 questionnaires to built environment professionals receiving a response rate of 75.7%. The instrument listed 58 common factors under eight categories that contribute to the causes of delay for respondents to rate. Analysis of data non-parametric test revealed that client, contractor, material and finance category factors significantly resulted in the schedule delay of large infrastructural projects. The survey analysis revealed that micro-factors that result in delays to large construction projects are time constraint, cost overrun, payment problems, dispute and litigation. The research recommended the following modalities to minimize such delays： availability of resources, improved communication and coordination, proper scope definition and feasibilities, utilization of modern technology, appropriate application of technologically based systems and competent project management＇s structures.展开更多
Under the combined effects of inventory-level-dependent demand(ILDD)and trade credit,the retailer is able to order more quantities to stimulate market demand.However,from the supplier's perspective,two important i...Under the combined effects of inventory-level-dependent demand(ILDD)and trade credit,the retailer is able to order more quantities to stimulate market demand.However,from the supplier's perspective,two important issues are lacking sufficient attention.First,during the credit period,the retailer's higher order quantities imply increases in both the retailer's account payable and the supplier's opportunity cost of capital.Second,given the supplier's fixed production rate,the increased market demand may drive the capacity utilization to be variable.Thus,by formulating a supplier-dominated system,this paper incorporates trade credit limit(TCL)to address its effects on optimal policies vis-a-vis the item with ILDD.Specifically,three indicators can be proposed to reveal which type of financing policy the retailer should choose.Moreover,based on TCL,the supplier can effectively manage the retailer's order quantity and the corresponding account payable.Additionally,the retailer's maximum allowable order quantity is developed to ensure that the supplier can supply the retailer's order quantity on time.Furthermore,when the effects of ILDD become more significant,the manufacturer will reduce the maximum allowable order quantity to control the retailer's order incentive.展开更多
The major challenge of inventory decision makers is to determine an inventory optimization strategy that ensures the right balance between keeping abundant on hand inventory to meet the demand of the customers and opt...The major challenge of inventory decision makers is to determine an inventory optimization strategy that ensures the right balance between keeping abundant on hand inventory to meet the demand of the customers and optimizing costs related to holding inventory.This article analyzes on providing a general deterministic inventory model in which the rate of demand is determined by price and time over the ordering cycle time.The traditional assumption of zero ending invento ry level is relaxed to a non-zero ending inventory level.Shortages are allowed which are partially backlogged.We develop models with partial backlogging and without backlogging.The aim is to maximize the profit per unit time,assuming delay in payment and inflation.An algorithm is proposed to find the optimal selling price,optimal stockout period,optimal replenishment cycle time and the optimal ending inventory level.All the possible special cases of these two models are also discussed.The numerical examples,graphical representation,and sensitivity analysis are given to illustrate the practical application of the proposed model.展开更多
文摘This study investigated an economic order quantity (EOQ) model with completebackorder for fixed lifetime perishable items under multiple advance and delayedpayments policies. Here, a new type of business policy is consideredwhere supplieroffers the retailer to pay a fraction of the purchasing cost before the order deliverybymultiple equal installments starting from the ordering time and the rest amountafter the delivery by multiple equal installments. Here, some theoretical results areillustrated to determine the conditions of existence and uniqueness of the optimalsolutions. A closed form solution is determined to solve the proposed model underapproximation. Some numerical examples are provided to examine the validity ofthe proposed model. Finally, sensitivity analyses are presented to obtain the effectof optimal policy and provide some managerial insights of the model.
文摘Sondu-Miriu hydropower （SMHP） project experienced delay for about five years and one of the contributing factors was delayed payment of the contractor, with ripples effect extending down the contractual hierarchy. This study assessed the effects of delayed payment of the contractor on the completion of SMHP project in Kisumu County, Kenya. More specifically, the study addressed two research questions： What is the relative importance of delayed payment of the contractor compared to other forms of contractual delays？ What is the perceived effect of delayed payment of the contractor on the project＇s completion？ A causal-comparative design was adopted and primary data sourced in May 2011 from 39 senior management staff of contractual parties. Relative importance index （RII） was used to determine the relative importance of perceived effects of delayed payment of the contractor on the project＇s completion; while Kendell＇s coefficient of concordance was applied to determine the degree of agreement among participants regarding their perceived effects of delayed payment. The study found that delayed payment of the contractor affected the project by causing： loss of productivity and efficiency （71.8%）; increase in time-related costs （71.8%）; re-scheduling and re-sequencing of works （69.2%）; extension of time and acceleration （69.2%）; as well as prevention of early completion （53.8%）. The study concludes that timely payment of contractors is crucial for ensuring the continuity of works and completion of infrastructural projects within time, budget, and quality specifications. The study recommends the need for appropriate mitigative measures against potential risks, such as delayed disbursement of funds by external financiers, delayed approval of contractors＇ payment requests, as well as community participation and involvement of civil society to influence accountability in the management of project funds and expedite disbursement of funds for subsequent project phases.
文摘Delay to large scale projects, which is as a result of actions or inactions of some project stakeholders, is becoming a global phenomena and Ghana is no exception. The objective of the research is to identify, rate and rank the most significant risk factors that causes delay on projects and examine the social impact of these delays to recommend modalities to help mitigate these risk factors. The study adopted quantitative methods with the distribution of 144 questionnaires to built environment professionals receiving a response rate of 75.7%. The instrument listed 58 common factors under eight categories that contribute to the causes of delay for respondents to rate. Analysis of data non-parametric test revealed that client, contractor, material and finance category factors significantly resulted in the schedule delay of large infrastructural projects. The survey analysis revealed that micro-factors that result in delays to large construction projects are time constraint, cost overrun, payment problems, dispute and litigation. The research recommended the following modalities to minimize such delays： availability of resources, improved communication and coordination, proper scope definition and feasibilities, utilization of modern technology, appropriate application of technologically based systems and competent project management＇s structures.
文摘Under the combined effects of inventory-level-dependent demand(ILDD)and trade credit,the retailer is able to order more quantities to stimulate market demand.However,from the supplier's perspective,two important issues are lacking sufficient attention.First,during the credit period,the retailer's higher order quantities imply increases in both the retailer's account payable and the supplier's opportunity cost of capital.Second,given the supplier's fixed production rate,the increased market demand may drive the capacity utilization to be variable.Thus,by formulating a supplier-dominated system,this paper incorporates trade credit limit(TCL)to address its effects on optimal policies vis-a-vis the item with ILDD.Specifically,three indicators can be proposed to reveal which type of financing policy the retailer should choose.Moreover,based on TCL,the supplier can effectively manage the retailer's order quantity and the corresponding account payable.Additionally,the retailer's maximum allowable order quantity is developed to ensure that the supplier can supply the retailer's order quantity on time.Furthermore,when the effects of ILDD become more significant,the manufacturer will reduce the maximum allowable order quantity to control the retailer's order incentive.
文摘The major challenge of inventory decision makers is to determine an inventory optimization strategy that ensures the right balance between keeping abundant on hand inventory to meet the demand of the customers and optimizing costs related to holding inventory.This article analyzes on providing a general deterministic inventory model in which the rate of demand is determined by price and time over the ordering cycle time.The traditional assumption of zero ending invento ry level is relaxed to a non-zero ending inventory level.Shortages are allowed which are partially backlogged.We develop models with partial backlogging and without backlogging.The aim is to maximize the profit per unit time,assuming delay in payment and inflation.An algorithm is proposed to find the optimal selling price,optimal stockout period,optimal replenishment cycle time and the optimal ending inventory level.All the possible special cases of these two models are also discussed.The numerical examples,graphical representation,and sensitivity analysis are given to illustrate the practical application of the proposed model.
