Heuristics For Perishable Inventory Systems Under Mixture Issuance Policies

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Heuristics for Perishable Inventory Systems Under Mixture Issuance Policies

Author : Jingying Ding
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (139 download)

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Book Synopsis Heuristics for Perishable Inventory Systems Under Mixture Issuance Policies by : Jingying Ding

Download or read book Heuristics for Perishable Inventory Systems Under Mixture Issuance Policies written by Jingying Ding and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider a periodic review inventory control problem of perishable goods with a fixed lifetime. Instead of considering either FIFO or LIFO issuance policy, we incorporate customers' behavior in the retail setting using a mixture of FIFO and LIFO issuance policy. First, we characterize properties of inventory transitions under a mixture of FIFO and LIFO policies and show that the sequence of demand arrival does not influence the inventory state at the end of the period. Second, we study the properties of optimal solutions under different issuance policies to gain insights for heuristic designs under mixture issuance policies. Third, we propose a two-stage heuristic for the LIFO policy, demonstrating its approximation accuracy through comparison with optimal solutions. Building on this, we design an effective heuristic for the mixture issuance policy by combining heuristics for both FIFO and LIFO policies. The numerical experiments with stationary and nonstationary demand validate the performance of our proposed heuristics against alternative heuristics across various issuance policies.

Stochastic Perishable Inventory Systems

Author : Yuhe Diao
Publisher :
ISBN 13 :
Total Pages : 61 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Stochastic Perishable Inventory Systems by : Yuhe Diao

Download or read book Stochastic Perishable Inventory Systems written by Yuhe Diao and published by . This book was released on 2016 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study a single-item, multi-period, stochastic perishable inventory problem under both backlogging and lost-sales circumstances, with and without an order capacity constraint in each period. We first model the problem as a dynamic program and then develop two heuristics namely, Dual-Balancing (DB) and Look-Ahead (LA) policies, to approximate the optimal inventory level at the beginning of each period. To characterize the holding and backlog cost functions under the proposed polices, we introduce a truncated marginal holding cost for the marginal cost accounting scheme. Our numerical examples demonstrate that both DB and LA policies have a possible worst-case performance guarantee of two in perishable inventory systems under different assumptions, and the LA policy significantly outperforms the DB policy in most situations. We also analyze the target inventory level in each period (the inventory level at the beginning of each period) under different policies. We observe that the target inventory level under the LA policy is not larger than the optimal one in each period in systems without an order capacity constraint.

2-Approximation Policies for Perishable Inventory Systems when FIFO Is an Optimal Issuing Policy

Author : Can Zhang
Publisher :
ISBN 13 :
Total Pages : 59 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis 2-Approximation Policies for Perishable Inventory Systems when FIFO Is an Optimal Issuing Policy by : Can Zhang

Download or read book 2-Approximation Policies for Perishable Inventory Systems when FIFO Is an Optimal Issuing Policy written by Can Zhang and published by . This book was released on 2019 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Motivated by a platelet inventory management problem, we study periodic-review, fixed-lifetime perishable inventory systems where demand is a general stochastic process. The optimal solution for this problem is computationally intractable due to the “curse of dimensionality”. In this paper, we first present an approximation policy that we call the marginal-cost dual-balancing policy for perishable inventory systems. We prove that when first-in-first-out (FIFO) is an optimal issuing policy, our proposed policy admits a constant worst-case performance bound of two, a tighter performance bound compared to the existing results presented in the perishable inventory literature. We then extend the literature on the optimality of the FIFO issuing policy and present new sufficient conditions to ensure the optimality of FIFO. Further, we present a tight example to show that the performance bound of two of the balancing policy can be achieved asymptotically when the unit shortage penalty goes to infinity (in which case the balancing policy tends to under-order). Motivated by this result, we anticipate that the balancing policy as well as other existing balancing-type policies presented in the literature may perform poorly when the unit shortage penalty becomes large (these policies all tend to under-order), and we present a new policy that we call the truncated-balancing policy to overcome this shortcoming. By combining our worst-case analysis ideas for the balancing policy with a structural property called L-natural-convexity, we prove that the truncated-balancing policy also has a worst-case performance guarantee of two when FIFO is an optimal issuing policy. Finally, we conduct extensive numerical analyses and show that the truncated-balancing policy has a significant performance improvement over the existing policies when the unit shortage penalty becomes (reasonably) large.

Managing Perishable Inventory Systems as Non-Perishable Ones

Author : Hailun Zhang
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Managing Perishable Inventory Systems as Non-Perishable Ones by : Hailun Zhang

Download or read book Managing Perishable Inventory Systems as Non-Perishable Ones written by Hailun Zhang and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Perishable inventory problems have a long history and involve two fundamental decisions, how much to order and how much old inventory to clear before expiration, that are known to be difficult to optimize due to the curse of dimensionality. Most early work ignores the clearance decision and focuses solely on the ordering decision until recently where heuristic clearance policies have been developed. In this paper, we approach the problem from a different angle by exploring its asymptotic behavior, i.e., perishability can be ignored in many cases and hence clearance of inventory is not necessary except at the beginning of the planning horizon when a system is large enough. Inspired by such asymptotic behavior, we examine simple policies that ignore clearance under minor conditions and establish theoretical bounds for them. The bounds not only vanish asymptotically, but also indicate a system size required to guarantee any given optimality gap. Numerical studies suggest that such policies can work very well for systems with reasonable sizes and practical management of complex perishable inventory systems is not so much harder than that of non-perishable ones.

Computational Logistics

Author : Jürgen W. Böse
Publisher : Springer
ISBN 13 : 3642242642
Total Pages : 381 pages
Book Rating : 4.6/5 (422 download)

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Book Synopsis Computational Logistics by : Jürgen W. Böse

Download or read book Computational Logistics written by Jürgen W. Böse and published by Springer. This book was released on 2011-09-25 with total page 381 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the refereed proceedings of the Second International Conference on Computational Logistics, ICCL 2011, held in Hamburg, Germany, in September 2011. The 26 revised full papers presented were carefully reviewed and selected from numerous submissions. The papers are organized in topical sections on transport services, logistics systems and production, and maritime shipping and container terminals.

Research Handbook on Inventory Management

Author : Jing-Sheng J. Song
Publisher : Edward Elgar Publishing
ISBN 13 : 180037710X
Total Pages : 565 pages
Book Rating : 4.8/5 (3 download)

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Book Synopsis Research Handbook on Inventory Management by : Jing-Sheng J. Song

Download or read book Research Handbook on Inventory Management written by Jing-Sheng J. Song and published by Edward Elgar Publishing. This book was released on 2023-08-14 with total page 565 pages. Available in PDF, EPUB and Kindle. Book excerpt: This comprehensive Handbook provides an overview of state-of-the-art research on quantitative models for inventory management. Despite over half a century’s progress, inventory management remains a challenge, as evidenced by the recent Covid-19 pandemic. With an expanse of world-renowned inventory scholars from major international research universities, this Handbook explores key areas including mathematical modelling, the interplay of inventory decisions and other business decisions and the unique challenges posed to multiple industries.

Managing Perishable Inventory Systems with Multiple Demand Classes

Author : Hossein Abouee Mehrizi
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Managing Perishable Inventory Systems with Multiple Demand Classes by : Hossein Abouee Mehrizi

Download or read book Managing Perishable Inventory Systems with Multiple Demand Classes written by Hossein Abouee Mehrizi and published by . This book was released on 2018 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we study a multi-period stochastic perishable inventory system with multiple demand classes that require products of different ages. The firm orders the product with a positive leadtime and sells it to multiple demand classes, each only accepting products with remaining lifetime longer than a threshold. In each period, after demand realization, the firm decides how to allocate the on-hand inventory to different demand classes with different backorder or lost-sale cost. At the end of each period, the firm can dispose inventory of any age. We formulate this problem as a Markov decision process and characterize the optimal ordering, allocation, and disposal policies. When unfulfilled demand is backlogged, we show that the optimal order quantity is decreasing in the inventory levels and is more sensitive to the inventory level of fresher products, the optimal allocation policy is a sequential rationing policy, and the optimal disposal policy is characterized by a set of thresholds. For the lost-sale case, we show that the optimal allocation and disposal policies have the same structure but the optimal ordering policy may be different. Based on the structure of the optimal policy, we develop an efficient heuristic that is at most 4% away from the optimal cost in our numerical examples. Using numerical studies, we show that the ordering and allocation policies are close to optimal even if the firm cannot intentionally dispose products. Moreover, ignoring the difference between demand classes and using a simple allocation policy (e.g., FIFO) can significantly increase the total cost. We examine how the firm can improve the control of perishable items and show that the benefit of decreasing the leadtime is more significant than that of increasing the lifetime of the products or that of decreasing the acceptance threshold of the demand. The analysis is extended to systems with age dependent disposal cost and stochastic supply.

Perishable Inventory Systems

Author : Steven Nahmias
Publisher : Springer Science & Business Media
ISBN 13 : 1441979999
Total Pages : 89 pages
Book Rating : 4.4/5 (419 download)

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Book Synopsis Perishable Inventory Systems by : Steven Nahmias

Download or read book Perishable Inventory Systems written by Steven Nahmias and published by Springer Science & Business Media. This book was released on 2011-05-17 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: A perishable item is one that has constant utility up until an expiration date (which may be known or uncertain), at which point the utility drops to zero. This includes many types of packaged foods such as milk, cheese, processed meats, and canned goods. It also includes virtually all pharmaceuticals and photographic film, as well as whole blood supplies. This book is the first devoted solely to perishable inventory systems. The book’s ten chapters first cover the preliminaries of periodic review versus continuous review and look at a one-period newsvendor perishable inventory model. The author moves to the basic multiperiod dynamic model, and then considers the extensions of random lifetime, inclusion of a set-up cost, and multiproduct models of perishables. A chapter on continuous review models looks at one-for-one policies, models with zero lead time, optimal policies with positive lead time, and an alternative approach. Additional chapters present material on approximate order policies, inventory depletion management, and deterministic models, including the basic EOQ model with perishability and the dynamic deterministic model with perishability. Finally, chapters explore decaying inventories, queues with impatient customers, and blood bank inventory control. Anyone researching perishable inventory systems will find much to work with here. Practitioners and consultants will also now have a single well-referenced source of up-to-date information to work with.

Enterprise Information Systems and Implementing IT Infrastructures: Challenges and Issues

Author : Parthasarathy, S.
Publisher : IGI Global
ISBN 13 : 1615206264
Total Pages : 504 pages
Book Rating : 4.6/5 (152 download)

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Book Synopsis Enterprise Information Systems and Implementing IT Infrastructures: Challenges and Issues by : Parthasarathy, S.

Download or read book Enterprise Information Systems and Implementing IT Infrastructures: Challenges and Issues written by Parthasarathy, S. and published by IGI Global. This book was released on 2010-03-31 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book aims at identifying potential research problems and issues in the EIS such as Enterprise Resource Planning (ERP), Supply Chain Management (SCM), and Customer Relationship Management (CRM)"--Provided by publisher.

INFORMS Annual Meeting

Author : Institute for Operations Research and the Management Sciences. National Meeting
Publisher :
ISBN 13 :
Total Pages : 644 pages
Book Rating : 4.E/5 ( download)

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Book Synopsis INFORMS Annual Meeting by : Institute for Operations Research and the Management Sciences. National Meeting

Download or read book INFORMS Annual Meeting written by Institute for Operations Research and the Management Sciences. National Meeting and published by . This book was released on 2009 with total page 644 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Service Orientation in Holonic and Multi-Agent Manufacturing and Robotics

Author : Theodor Borangiu
Publisher : Springer
ISBN 13 : 3319047353
Total Pages : 373 pages
Book Rating : 4.3/5 (19 download)

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Book Synopsis Service Orientation in Holonic and Multi-Agent Manufacturing and Robotics by : Theodor Borangiu

Download or read book Service Orientation in Holonic and Multi-Agent Manufacturing and Robotics written by Theodor Borangiu and published by Springer. This book was released on 2014-01-30 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume gathers the peer reviewed papers which were presented at the third edition of the International Workshop “Service Orientation in Holonic and Multi-agent Manufacturing and Robotics – SOHOMA’13” organized on June 20-22, 2013 by the Centre of Research in Computer Integrated Manufacturing and Robotics – CIMR Bucharest, and hosted by the University of Valenciennes, France. The book is structured in five parts, each one covering a specific research domain which represents a trend for modern manufacturing control: Distributed Intelligence for Sustainable Manufacturing, Holonic and Multi-Agent Technologies for Manufacturing Planning and Control; Service Orientation in Manufacturing Management and Control, Intelligent Products and Product-driven Automation and Robotics for Manufacturing and Services. These five evolution lines have in common concepts related to service orientation in a distributed planning and control agent-based industrial environment; today it is generally recognized that the Service Oriented Enterprise Architecture paradigm has been looked upon as a suitable and effective approach for industrial automation and management of manufacturing enterprises.

Logistics Transportation Systems

Author : MD Sarder
Publisher : Elsevier
ISBN 13 : 0128162872
Total Pages : 455 pages
Book Rating : 4.1/5 (281 download)

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Book Synopsis Logistics Transportation Systems by : MD Sarder

Download or read book Logistics Transportation Systems written by MD Sarder and published by Elsevier. This book was released on 2020-10-17 with total page 455 pages. Available in PDF, EPUB and Kindle. Book excerpt: Logistics Transportation Systems compiles multiple topics on transportation logistics systems from both qualitative and quantitative perspectives, providing detailed examples of real-world logistics workflows. It explores the key concepts and problem-solving techniques required by researchers and logistics professionals to effectively manage the continued expansion of logistics transportation systems, which is expected to reach an estimated 25 billion tons in the United States alone by 2045. This book provides an ample understanding of logistics transportation systems, including basic concepts, in-depth modeling analysis, and network analysis for researchers and practitioners. In addition, it covers policy issues related to transportation logistics, such as security, rules and regulations, and emerging issues including reshoring. This book is an ideal guide for academic researchers and both undergraduate and graduate students in transportation modeling, supply chains, planning, and systems. It is also useful to transportation practitioners involved in planning, feasibility studies, consultation and policy for transportation systems, logistics, and infrastructure. Provides real-world examples of logistics systems solutions for multiple transportation modes, including seaports, rail, barge, road, pipelines, and airports Covers a wide range of business aspects, including customer service, cost, and decision analysis Features key-term definitions, concept overviews, discussions, and analytical problem-solving

Inventory Management and Production Planning and Scheduling

Author : Edward A. Silver
Publisher : Wiley
ISBN 13 : 9780471119470
Total Pages : 0 pages
Book Rating : 4.1/5 (194 download)

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Book Synopsis Inventory Management and Production Planning and Scheduling by : Edward A. Silver

Download or read book Inventory Management and Production Planning and Scheduling written by Edward A. Silver and published by Wiley. This book was released on 1998-01-23 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a revision of a classic which integrates managerial issues with practical applications, providing a broad foundation for decision-making. It incorporates recent developments in inventory management, including Just-in-Time Management, Materials Requirement Planning, and Total Quality Management.

Manual on the Management, Maintenance and Use of Blood Cold Chain Equipment

Author : World Health Organization
Publisher : World Health Organization
ISBN 13 : 9241546735
Total Pages : 106 pages
Book Rating : 4.2/5 (415 download)

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Book Synopsis Manual on the Management, Maintenance and Use of Blood Cold Chain Equipment by : World Health Organization

Download or read book Manual on the Management, Maintenance and Use of Blood Cold Chain Equipment written by World Health Organization and published by World Health Organization. This book was released on 2005-12-29 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: The blood cold chain is a series of interconnected activities involving equipment, personnel and processes critical for the safe storage and transportation of blood from collection to transfusion. This publication contains information in relation to: storage and transportation of blood and blood components; blood storage equipment, relating to refrigerators, plasma freezers and platelet agitators; other blood cold chain devices; equipment installation; organising the cold blood chain; preventative maintenance, care and repair of equipment; monitoring and evaluation; and guidelines for the development of training programmes.

Operations Research and Health Care

Author : Margaret L. Brandeau
Publisher : Springer Science & Business Media
ISBN 13 : 1402080662
Total Pages : 870 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Operations Research and Health Care by : Margaret L. Brandeau

Download or read book Operations Research and Health Care written by Margaret L. Brandeau and published by Springer Science & Business Media. This book was released on 2006-04-04 with total page 870 pages. Available in PDF, EPUB and Kindle. Book excerpt: In both rich and poor nations, public resources for health care are inadequate to meet demand. Policy makers and health care providers must determine how to provide the most effective health care to citizens using the limited resources that are available. This chapter describes current and future challenges in the delivery of health care, and outlines the role that operations research (OR) models can play in helping to solve those problems. The chapter concludes with an overview of this book – its intended audience, the areas covered, and a description of the subsequent chapters. KEY WORDS Health care delivery, Health care planning HEALTH CARE DELIVERY: PROBLEMS AND CHALLENGES 3 1.1 WORLDWIDE HEALTH: THE PAST 50 YEARS Human health has improved significantly in the last 50 years. In 1950, global life expectancy was 46 years [1]. That figure rose to 61 years by 1980 and to 67 years by 1998 [2]. Much of these gains occurred in low- and middle-income countries, and were due in large part to improved nutrition and sanitation, medical innovations, and improvements in public health infrastructure.

Retail Supply Chain Management

Author : Narendra Agrawal
Publisher : Springer
ISBN 13 : 1489975624
Total Pages : 454 pages
Book Rating : 4.4/5 (899 download)

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Book Synopsis Retail Supply Chain Management by : Narendra Agrawal

Download or read book Retail Supply Chain Management written by Narendra Agrawal and published by Springer. This book was released on 2015-04-20 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new edition focuses on three crucial areas of retail supply chain management: (1) empirical studies of retail supply chain practices, (2) assortment and inventory planning and (3) integrating price optimization into retail supply chain decisions. The book has been fully updated, expanding on the distinguishing features of the original, while offering three new chapters on recent topics which reflect areas of great interest and relevance to the academic and professional communities alike - inventory management in the presence of data inaccuracies, retail workforce management, and fast fashion retail strategies. The innovations, lessons for practice, and new technological solutions for managing retail supply chains are important not just in retailing, but offer crucial insights and strategies for the ultimate effective management of supply chains in other industries as well. The retail industry has emerged as a fascinating choice for researchers in the field of supply chain management. It presents a vast array of stimulating challenges that have long provided the context of much of the research in the area of operations research and inventory management. However, in recent years, advances in computing capabilities and information technologies, hyper-competition in the retail industry, emergence of multiple retail formats and distribution channels, an ever increasing trend towards a globally dispersed retail network, and a better understanding of the importance of collaboration in the extended supply chain have led to a surge in academic research on topics in retail supply chain management. Many supply chain innovations (e.g., vendor managed inventory) were first conceived and successfully validated in this industry, and have since been adopted in others. Conversely, many retailers have been quick to adopt cutting edge practices that first originated in other industries. Retail Supply Chain Management: Quantitative Models and Empirical Studies, 2nd Ed. is an attempt to summarize the state of the art in this research, as well as offer a perspective on what new applications may lie ahead.

Optimization and Inventory Management

Author : Nita H. Shah
Publisher : Springer Nature
ISBN 13 : 9811396981
Total Pages : 470 pages
Book Rating : 4.8/5 (113 download)

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Book Synopsis Optimization and Inventory Management by : Nita H. Shah

Download or read book Optimization and Inventory Management written by Nita H. Shah and published by Springer Nature. This book was released on 2019-08-31 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses inventory models for determining optimal ordering policies using various optimization techniques, genetic algorithms, and data mining concepts. It also provides sensitivity analyses for the models’ robustness. It presents a collection of mathematical models that deal with real industry scenarios. All mathematical model solutions are provided with the help of various optimization techniques to determine optimal ordering policy. The book offers a range of perspectives on the implementation of optimization techniques, inflation, trade credit financing, fuzzy systems, human error, learning in production, inspection, green supply chains, closed supply chains, reworks, game theory approaches, genetic algorithms, and data mining, as well as research on big data applications for inventory management and control. Starting from deterministic inventory models, the book moves towards advanced inventory models. The content is divided into eight major sections: inventory control and management – inventory models with trade credit financing for imperfect quality items; environmental impact on ordering policies; impact of learning on the supply chain models; EOQ models considering warehousing; optimal ordering policies with data mining and PSO techniques; supply chain models in fuzzy environments; optimal production models for multi-items and multi-retailers; and a marketing model to understand buying behaviour. Given its scope, the book offers a valuable resource for practitioners, instructors, students and researchers alike. It also offers essential insights to help retailers/managers improve business functions and make more accurate and realistic decisions.