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Article
Publication date: 1 January 1988

Yasemin Aksoy and S. Selcuk Erenguc

In a multi‐item environment with a joint set‐up cost structure considerable savings may be realised by co‐ordinating the replenishments. This article presents a unified…

Abstract

In a multi‐item environment with a joint set‐up cost structure considerable savings may be realised by co‐ordinating the replenishments. This article presents a unified survey of the inventory control literature designed to capture the models that fit in this frame. In general these models are complex and require a great deal of computational effort to obtain an exact solution. The literature relies mainly on heuristic procedures.

Details

International Journal of Operations & Production Management, vol. 8 no. 1
Type: Research Article
ISSN: 0144-3577

Keywords

Article
Publication date: 10 August 2012

Jia‐Yen Huang

It is not uncommon that a multi‐branch firm has all its branches maintaining the same group of machines from a maintenance department. Clearly there are potential…

Abstract

Purpose

It is not uncommon that a multi‐branch firm has all its branches maintaining the same group of machines from a maintenance department. Clearly there are potential opportunities to reduce costs by coordinating the joint maintenance among the branches. The purpose of this paper is to optimally coordinate the maintenance schedule of machines of multi‐branch firms to save the maintenance cost incurred.

Design/methodology/approach

A search algorithm is proposed that proceeds the searching through the junction points within the lower and upper bounds of the search range. An example is given to illustrate the method.

Findings

The optimality structure of this problem is explored and it is asserted that the optimal cost is piece‐wise convex. Based on theoretical results, an effective search algorithm is derived that can efficiently determine the maintenance frequencies for a family of machines of multi‐branch firm.

Practical implications

A well‐planned maintenance schedule can not only bring down the cost but also raise the utilization rate of a family of machines. Numerical results show that the whole maintenance system can obtain significant cost savings from the coordination policy.

Originality/value

In response to branches adopting coordinated maintenances, the maintenance manager providing the maintenances to the branches faces a scheduling problem of how to minimize its total costs. This is an area that has received little attention in the literature. By utilizing the theoretical results, an efficient search algorithm that solves the optimal solution for this problem is proposed.

Details

Journal of Quality in Maintenance Engineering, vol. 18 no. 3
Type: Research Article
ISSN: 1355-2511

Keywords

Article
Publication date: 27 June 2022

Kirti Goyal, Satish Kumar, Jing Jian Xiao and Sisira Colombage

The intent of this study is to aggregate, in a measurable form, the results of previous studies on the association between personal financial management behavior (PFMB…

Abstract

Purpose

The intent of this study is to aggregate, in a measurable form, the results of previous studies on the association between personal financial management behavior (PFMB) and six psychological factors, which are financial attitude, financial self-efficacy, self-control, materialism, internal locus of control (LOC), and external LOC.

Design/methodology/approach

A stack of 32 research documents that investigated 52 relationships between various psychological variables and PFMB was analyzed using the meta-analysis technique. Along with the overall meta-analysis, a comprehensive subgroup analysis was also undertaken counseled to determine whether the results contrast on account of the age group of the sample and the economy of the country to which the sample belongs.

Findings

The overall meta-analysis findings do not support the association between PFMB and the various explanatory variables except for the significant positive association with self-control. In contrast, a subgroup study revealed that self-control (positively) and materialism (negatively) were found to be significantly associated with PFMB among adults. The association between internal LOC and PFMB is significant and positive among the young. Interestingly, self-control appeared to be significantly and positively associated with PFMB in developed countries. In developing countries, financial attitude, financial self-efficacy and internal LOC are significantly and positively associated with PFMB.

Originality/value

Distinct from other review papers, this meta-analysis quantitatively cumulates and reconciles the conflicting findings on the linkage between psychological predictors and PFMB. To the best of the authors' knowledge, this is the first meta-analysis on the topic.

Details

International Journal of Bank Marketing, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0265-2323

Keywords

Article
Publication date: 16 November 2021

Lisa K. Meneau and Janakiraman Moorthy

The purpose of the study is to examine the following two research objectives. The first was to examine the predictive relationships that consumer characteristics of…

Abstract

Purpose

The purpose of the study is to examine the following two research objectives. The first was to examine the predictive relationships that consumer characteristics of financial literacy, thinking styles and self-control have with a consumer's financial behaviors. The second goal was to ascertain financial management products' ability to aid those consumers who need it the most by weakening the predictive effects of consumer traits on financial behaviors.

Design/methodology/approach

The study employed a web-based survey to gather information. The measurement and structural models were analyzed using generalized structured component analysis (GSCA), a component-based structural equation model. The mediation effect of self-control is assessed using the GSCA. The conditional mediation of demographic variables and use of personal financial management products are evaluated using multi-group analysis (MGA) in GSCA.

Findings

Antecedents, financial literacy, thinking styles and self-control consumer characteristics are predictors of financial behaviors. However, self-control plays a more prominent role as a mediator between the other variables, strengthening the overall relationship. Also, financial products can have a beneficial moderation effect assisting those consumers who need them the most.

Practical implications

These insights help in creating target specific financial literacy strategies to influence consumers' financial behaviors. Also, there is a need to develop mechanisms to influence a consumer's self-control and thinking styles to improve financial behavior. In conjunction with other initiatives, the impact of financial literacy has a greater effect on financial behaviors. Further, the insights assist financial institutions and financial technology firms in offering and creating products to help customers make better financial decisions and improve their financial behaviors.

Social implications

The research addressed a significant global issue – consumer financial health. The Great Recession and the COVID-19 recession highlight the need to focus on the consumer and efforts to improve their financial health.

Originality/value

This research highlighted the mediating role of self-control and suggested that existing and future financial products can positively influence consumer behavior drivers.

Details

International Journal of Bank Marketing, vol. 40 no. 2
Type: Research Article
ISSN: 0265-2323

Keywords

Article
Publication date: 1 December 1993

S.K. Goyal, A. Gunasekaran, T. Martikainen and P. Yli‐Olli

Presents a mathematical model for determining Economic ProductionQuantity (EPQ) in a multistage flow‐shop production system for the casewhere the demand for items per unit…

Abstract

Presents a mathematical model for determining Economic Production Quantity (EPQ) in a multistage flow‐shop production system for the case where the demand for items per unit time is deterministic and the planning horizon is finite. Solves an example problem to illustrate the model.

Details

International Journal of Operations & Production Management, vol. 13 no. 12
Type: Research Article
ISSN: 0144-3577

Keywords

Article
Publication date: 1 January 1992

Suresh K. Goyal and S.G. Deshmukh

Gives a critical review of the existing literature on just‐in‐timemanufacturing. Suggests a relevant literature classification scheme,followed by subsections on each class…

1204

Abstract

Gives a critical review of the existing literature on just‐in‐time manufacturing. Suggests a relevant literature classification scheme, followed by subsections on each class and offers critical comments. Also identifies the possible research portfolios after an explanation of the gap existing between theory and practice.

Details

International Journal of Operations & Production Management, vol. 12 no. 1
Type: Research Article
ISSN: 0144-3577

Keywords

Article
Publication date: 5 April 2022

Mahnaz Asgari Sooran, Hamed Tayebi and Sadoullah Ebrahimnejad

The purpose of this study is to investigate a joint economic lot-size model with the possibility of cofinancing between members of a three-echelon supply chain (SC…

Abstract

Purpose

The purpose of this study is to investigate a joint economic lot-size model with the possibility of cofinancing between members of a three-echelon supply chain (SC) including one supplier, one manufacture and one retailer. Given the differences in credit as well as differences in access to capital markets, SC members will be able to create a financial alliance to maximize the profits of each member. This study proposed a model to maximize the annuity stream of the SC by considering the financial interaction between SC members.

Design/methodology/approach

This joint economic lot-sizing problem was described and modeled mathematically. To evaluate the mathematical model, different scenarios were considered with (and without) the possibility of financial interaction.

Findings

It is suggested that, in addition to the goods and information flow among SC members, proper financial flow can also have an impact on the improvement of SC performance.

Originality/value

While previous studies consider cofinancing between members of a two-echelon SC, this paper considers a three-echelon SC including one supplier, one manufacturer and one retailer where financial cooperation between different levels of the SC in both upstream and reverse directions will be possible.

Details

Journal of Modelling in Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-5664

Keywords

Article
Publication date: 1 July 1994

Moncer Hariga

Addresses a deterministic maintenance‐scheduling problem for a group ofnon‐identical machines. The problem is formulated as a mixed integernon‐linear program which is…

367

Abstract

Addresses a deterministic maintenance‐scheduling problem for a group of non‐identical machines. The problem is formulated as a mixed integer non‐linear program which is approached heuristically. In the model formulation, it is assumed that a major overhaul brings the machine back to its new condition, whereas a minor overhaul restores it to a specified operating condition. An iterative solution procedure is developed to obtain a near‐optimal cyclic overhaul schedule. Presents a worked example to illustrate the proposed solution method.

Details

International Journal of Operations & Production Management, vol. 14 no. 7
Type: Research Article
ISSN: 0144-3577

Keywords

Article
Publication date: 24 October 2021

Sandeep Kumar, Rakesh Bhatia and Hazoor Singh

In Indian thermal power plants, the main cause of boiler tube failure is the presence of molten sulphates and vanadates, which deteriorate the tube material at high…

Abstract

Purpose

In Indian thermal power plants, the main cause of boiler tube failure is the presence of molten sulphates and vanadates, which deteriorate the tube material at high temperatures. To combat the hot corrosion failure of metals, thermal spray technology is adopted. This study aims to investigate and study the effect of hot corrosion behaviour of carbon nanotube (CNT)-reinforced ZrO2-Y2O3 composite coatings on T-91 boiler tube steel in a molten salt environment at 900 °C for 50 cycles.

Design/methodology/approach

A plasma spray technique was used for development of the coatings. The samples were exposed to hot corrosion in a silicon tube furnace at 900 °C for 50 cycles. After testing, the test coupons were analysed by X-ray diffraction, scanning electron microscopy/energy dispersive spectroscopy and cross-sectional analysis techniques to aid understanding the kinetics of the corrosion reaction.

Findings

CNT-based reinforced coatings showed lower weight gain along with the formation of protective oxide scales during the experimentation. Improvement in protection against hot corrosion was observed with increase in CNT content in the coating matrix.

Originality/value

It is pertinent to mention here that the high temperature behaviour of CNT-reinforced ZrO2-Y2O3 composite on T-91 steel at 900°C temperature in molten salt environment has never been studied. Thus, the present research was conducted to provide useful results for the application of CNT-reinforced composite coatings at elevated temperature.

Details

Anti-Corrosion Methods and Materials, vol. 68 no. 6
Type: Research Article
ISSN: 0003-5599

Keywords

Article
Publication date: 29 June 2012

Nita H. Shah, Ajay S. Gor and Chetan A. Jhaveri

The purpose of this paper is to study integrated inventory system and pricing and ordering strategy for vendor‐buyer supply chain system. Here, the vendor offers a trade…

Abstract

Purpose

The purpose of this paper is to study integrated inventory system and pricing and ordering strategy for vendor‐buyer supply chain system. Here, the vendor offers a trade credit to the buyer when the buyer's order quantity exceeds a given pre‐specified quantity. Therefore, to incorporate the concept of vendor‐buyer integration and trade credit linked, the authors analyze the model to determine the optimal strategy for an integrated vendor‐buyer inventory system under the condition of credit linked to the order quantity when demand is quadratic.

Design/methodology/approach

A mathematical model for integrated inventory system is developed when demand rate is increasing function of the time and decreasing function of the retail price. By analyzing the total channel profit function, the authors developed some useful results to characterize the optimal solution and provide an iterative algorithm to find the retail price, buyer's order quantity and the number of shipments per production run from the vendor to the buyer.

Findings

By developing a solution algorithm, the optimal retail price, order quantity and number of shipments from the vendor to the buyer are provided. Numerical examples and sensitivity analyses are presented to validate the proposed model. Through extensive numerical analyses, it is observed that a longer credit term increases profits of the player for the entire supply chain. The vendor should establish the threshold for allowing trade credit comprehensively to ensure the greatest benefit for both players.

Originality/value

Most of the research articles available in the literature considered the constant demand or linearly changing demand. In this paper, a mathematical model is developed considering time dependent quadratic demand. Very few researchers have investigated joint optimal policy in vendor‐buyer supply chain system, considering trade credit is linked to order quantity, and still there are not many findings on the benefit of integrated policy and trade credit.

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