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Öğe The combined effects of interest and inflation rates on inventory systems: A comparative analysis across countries(Elsevier, 2023) Khakbaz, Amir; Mensi, Walid; Tirkolaee, Erfan Babaee; Hammoudeh, Shawkat; Simic, VladimirInterest and inflation rates are among the most important economic indicators of any country. Inventory management is also known as one of the most critical components of supply chains and logistics systems. This study conducts a comparative study to analyze the combined effects of interest and inflation rates on inventory systems in different countries as part of macroeconomics. To do so, a novel inventory model is developed by accounting for interest rate, inflation, and increasing linear demand over time which affect inventory costs. In terms of the main parameters, the developed model is divided into two groups, where each group is solved separately. The results demonstrate that Venezuela, Sudan, Zimbabwe, Iran, and Liberia are the five countries with the most potential volume of hoarding of goods. These countries should increase their interest rates by at least 118.06%, 22.42%, 7.84%, 10.84%, and 6.94%, respectively, to counter the increasing amount of hoarding. Moreover, the findings reveal that Venezuela, Zimbabwe, Iran, Sudan, and Turkey, have the highest cost of inventory systems.Öğe A mathematical model to investigate the interactive effects of important economic factors on the behaviors of retailers(SPRINGER, 2022) Khakbaz, Amir; Tirkolaee, Erfan BabaeeCost management is a key step to the success of any logistics system and supply chain management. Inventory costs are an important part of logistics costs which are highly affected by economic factors such as demand growth rate (DGR), interest rate (ir), and inflation rate (e). Analyzing the interactive effects of these economic factors plays a key role in preventing failures of logistics systems This study aims to develop a novel mathematical model and investigate the interactive effects of these factors on the behavior of retailers in Iran. To the best of our knowledge, this is the first time that the sale price is defined as a function of time and inflation rate where the demand rate is built up with a linear function of time. Different scenarios and sub-scenarios are then taken into consideration based on different combinations of factors and assumptions. As the main findings of the study, it is revealed that if e < 18% or ir > 40.52%, holding costs are much higher than buying costs, and retailers are reluctant to invest in inventories. Given that DGR is independent of the inflation rate, and also if e > 20.45% or ir < 31.9%, then DGR fluctuations have no impact on the total cost. Hence, in this case, buying costs are much higher than holding costs, and retailers are eager to invest in inventories instead of bank deposits. Furthermore, it is concluded that decision-makers can use the interest rate as leverage to set the probability of shortages and hoardings. Finally, some useful future research directions are discussed based on the main limitations of the study.Öğe A novel cross-docking EOQ-based model to optimize a multi-item multi-supplier multi-retailer inventory management system(Springer, 2024) Khakbaz, Amir; Alfares, Hesham K.; Amirteimoori, Arash; Tirkolaee, Erfan BabaeeNowadays, the retail industry accounts for a large share of the world's economy. Cross-docking is one of the most effective and smart inventory management systems used by retail companies to respond to demands efficiently. In this study, the aim is to develop a novel cross-docking EOQ-based model for a retail company. By considering a two-stage inventory procurement process, a new multi-item, multi-supplier, multi-retailer EOQ model is developed to minimize the total inventory costs. In the first stage, the required items are received from suppliers and are held in a central warehouse. In the second stage, these items are delivered to several retail stores. The total inventory costs include four main parts, i.e., holding costs at the central warehouse, holding costs at the retail stores, fixed ordering costs from the suppliers, and fixed ordering costs from the central warehouse. The optimal inventory policy is obtained by analyzing extrema, and a numerical example is used to confirm the efficiency of the proposed model. Based on the obtained results, it is evident that the proposed model produces the optimal policy for the cross-docking system. Furthermore, the model enables managers to analyze the effects of key factors on the costs of the system. Based on the obtained results, the annual demand of each retailer, the ordering cost by the central warehouse, the ordering cost at each retail store, and the holding cost at each retail store have a direct impact on the optimal cost. Furthermore, it is not possible to describe the effects of the holding cost at the central warehouse on the optimal cost of the system generally.Öğe A sustainable hybrid manufacturing/remanufacturing system with two-way substitution and WEEE directive under different market conditions(TAYLOR & FRANCIS LTD, 2021) Khakbaz, Amir; Tirkolaee, Erfan BabaeeIn recent years, environmental regulations, public awareness and economic opportunities have motivated many researchers to study Hybrid Manufacturing/Remanufacturing Systems (HMRSs). This research addresses the production planning of a sustainable hybrid production system including integrated manufacturing and remanufacturing processes within a closed-loop reverse logistics network with two-way substitution and Waste Electrical and Electronic Equipment (WEEE) directive. One of the main options of our developed model is that a number of customers may switch from new products to remanufactured ones and vice versa. Moreover, a stochastic demand is met by purchasing manufactured and remanufactured products in primary and secondary markets, respectively. Six scenarios are considered based on the capacity of manufacturing and remanufacturing processes to develop a sustainable manufacturing/remanufacturing policy that would maximize the expected profit. Through sensitivity analyses, the impacts of the key parameters such as substitution rates, sales price, yield rate and production costs are investigated to provide useful managerial insights. Based on the obtained results, with the increase of substitution rates, the expected profit and the recycling rate increase. Furthermore, with the increase in production costs, the expected profit and the recycling rate decrease.Öğe A Systematic Literature Review of MABAC Method and Applications: An Outlook for Sustainability and Circularity(Inst Mathematics & Informatics, 2023) Torkayesh, Ali Ebadi; Tirkolaee, Erfan Babaee; Bahrini, Aram; Pamucar, Dragan; Khakbaz, AmirMultiple Criteria Decision-Making (MCDM) is one of the most reliable and applicable decision-making tools to address real-life complex and multi-dimensional problems in accordance with the concepts of sustainable development and circular economy. Although there have been sev-eral literature reviews on several MCDM methods, there is a research gap in conducting a litera-ture review on the Multi-Attributive Border Approximation area Comparison (MABAC) as a useful technique to deal with intelligent decision-making systems. This study attempts to present a com-prehensive literature review of 117 articles on recent developments and applications of MABAC. Future outlook is provided considering challenges and current trends.
