Inventory model for non-instantaneous deteriorating items with dynamic demand, hybrid payment and partial backlogging under the COVID-19 pandemic

The COVID-19 pandemic has profoundly impacted global supply chains, causing disruptions in production, customer performance, lead times, and finances across various industries such as healthcare, food, fast-moving consumer goods, and automotive. This article explores recovery objectives in the context of COVID-19 and presents a hybrid payment inventory model for non-instantaneous deteriorating items. The proposed hybrid payment scheme, which consists n number of prepayments along with delays in payments, facilitates customers during and after the COVID situation. This model is one of the very few that provides guidelines for the planning of replenishment policies when demand fluctuates in the context of a pandemic and is based on price and time. The disrupted supply shortage is discussed in the model, which is partially backlogged later. Here, various decision-making findings are illustrated with numerical examples to validate the model. Sensitivity analysis is given to provide managerial insights for better management during pandemic situations.