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Inventory Management For Perishable Goods Using Simulation Methods
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Book Synopsis Inventory Management for Perishable Goods Using Simulation Methods by : Nicola Tan
Download or read book Inventory Management for Perishable Goods Using Simulation Methods written by Nicola Tan and published by . This book was released on 2014 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: Amazon.com is the world's largest online retailer, and continues to grow its business by expanding into new markets and new product lines that have not traditionally been sold online. These product categories create new challenges to inventory and operations management. One example of this new type of products sold online includes the category of perishable goods. Perishable goods provide a unique inventory challenge due to the fact that products may expire at unknown times while in stock, making them unavailable for the customer to purchase. This thesis discusses a method for managing perishable goods inventory by characterizing the key variables into empirical probability distributions and developing a computational model for determining the key inventory attribute: the reorder point. This model captures both the demand and loss due to shrinkage based on the age of the product in inventory. The resulting model results in a 25% improvement in simulated inventory levels with more accurate results than current methods. This improvement is shown to come from accounting for the known variability in lead time, as well as survival rate of the product.
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.
Book Synopsis Advanced Methodologies and Technologies in Business Operations and Management by : Khosrow-Pour, D.B.A., Mehdi
Download or read book Advanced Methodologies and Technologies in Business Operations and Management written by Khosrow-Pour, D.B.A., Mehdi and published by IGI Global. This book was released on 2018-09-14 with total page 1482 pages. Available in PDF, EPUB and Kindle. Book excerpt: Businesses consistently work on new projects, products, and workflows to remain competitive and successful in the modern business environment. To remain zealous, businesses must employ the most effective methods and tools in human resources, project management, and overall business plan execution as competitors work to succeed as well. Advanced Methodologies and Technologies in Business Operations and Management provides emerging research on business tools such as employee engagement, payout policies, and financial investing to promote operational success. While highlighting the challenges facing modern organizations, readers will learn how corporate social responsibility and utilizing artificial intelligence improve a company’s culture and management. This book is an ideal resource for executives and managers, researchers, accountants, and financial investors seeking current research on business operations and management.
Book Synopsis Inventory Management with Demand Substitution Using a New Simulation Approach by : Hongsuk Yang
Download or read book Inventory Management with Demand Substitution Using a New Simulation Approach written by Hongsuk Yang and published by . This book was released on 2004 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Management Association, Information Resources Publisher :IGI Global ISBN 13 :1799809463 Total Pages :2148 pages Book Rating :4.7/5 (998 download)
Book Synopsis Supply Chain and Logistics Management: Concepts, Methodologies, Tools, and Applications by : Management Association, Information Resources
Download or read book Supply Chain and Logistics Management: Concepts, Methodologies, Tools, and Applications written by Management Association, Information Resources and published by IGI Global. This book was released on 2019-11-01 with total page 2148 pages. Available in PDF, EPUB and Kindle. Book excerpt: Business practices are constantly evolving in order to meet growing customer demands. Evaluating the role of logistics and supply chain management skills or applications is necessary for the success of any organization or business. As market competition becomes more aggressive, it is crucial to evaluate ways in which a business can maintain a strategic edge over competitors. Supply Chain and Logistics Management: Concepts, Methodologies, Tools, and Applications is a vital reference source that centers on the effective management of risk factors and the implementation of the latest supply management strategies. It also explores the field of digital supply chain optimization and business transformation. Highlighting a range of topics such as inventory management, competitive advantage, and transport management, this multi-volume book is ideally designed for business managers, supply chain managers, business professionals, academicians, researchers, and upper-level students in the field of supply chain management, operations management, logistics, and operations research.
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.
Book Synopsis Inventory Management of Perishable Goods Under Demand Variability by : Wisam Hanna Ayoub
Download or read book Inventory Management of Perishable Goods Under Demand Variability written by Wisam Hanna Ayoub and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Perishability of fluid milk presents challenges for efficient distribution and limits market expansion for dairy when temperatures cannot be fully controlled during transportation. This research develops a modeling framework that integrates food science and economic parameters examining the impacts of different demand specifications on the cost minimization and profit maximization problem of fluid milk. The square root model from the food science literature is used to estimate the shelf-life of fluid milk at retail level. The shelf-life parameter is then used as input to the fixed-order quantity inventory model from the business economic literature. Additionally two demand specifications, the own-price elasticity and the negative binomial distribution, are used to calculate the total cost of managing inventory and resulting profit. Modeling results confirm that fluctuations in temperature and time dramatically increase the percentage of perishability cost and decrease profitability. Specifications of retail demand directly impact outcomes of the inventory model. Under the demand model based on price elasticity, simulated total costs are lower and profits are higher than under the negative binomial specification. The negative binomial distribution approach provides a simulated outcome where sales losses are minimized and customer satisfaction is higher. This thesis proposes, presents and uses a working model that can be extended and directly applied for fluid milk as well as other perishable food supplies. The electronic version of this dissertation is accessible from http://hdl.handle.net/1969.1/151270
Book Synopsis Smart and Sustainable Operations and Supply Chain Management in Industry 4.0 by : Turan Paksoy
Download or read book Smart and Sustainable Operations and Supply Chain Management in Industry 4.0 written by Turan Paksoy and published by CRC Press. This book was released on 2023-03-08 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt: Smart applications are transforming conventional supply chains into digital ones. To compete in today’s competitive market, organizations must utilize the merits of the Fourth Industrial Revolution while being sustainable, lean, and eco-conscious. Smart and Sustainable Operations and Supply Chain Management in Industry 4.0 closes the gap and provides novel ideas, research, and applications. This book discusses smart and sustainable supply chain management concepts that are analyzed within the Industry 4.0 perspective. It also highlights green systems and smart applications within an Industry 4.0 setting. The book presents the latest technological developments, including disruptive technologies and their impact on smart and sustainable supply chains under the triple bottom line approach. For easy reader comprehension, each chapter will include a case study, a related problem, or a numerical example, as well as the solution. This book is written for academicians, practitioners, PhD students, and researchers involved in this area.
Book Synopsis Analysis of an Inventory System with Product Perishability and Substitution by : Bret Rothschild Myers
Download or read book Analysis of an Inventory System with Product Perishability and Substitution written by Bret Rothschild Myers and published by . This book was released on 2009 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Encyclopedia of Information Science and Technology, Third Edition by : Khosrow-Pour, Mehdi
Download or read book Encyclopedia of Information Science and Technology, Third Edition written by Khosrow-Pour, Mehdi and published by IGI Global. This book was released on 2014-07-31 with total page 7972 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This 10-volume compilation of authoritative, research-based articles contributed by thousands of researchers and experts from all over the world emphasized modern issues and the presentation of potential opportunities, prospective solutions, and future directions in the field of information science and technology"--Provided by publisher.
Book Synopsis A Computer-based Inventory Management System for Perishable Foods by : John Henry Wells
Download or read book A Computer-based Inventory Management System for Perishable Foods written by John Henry Wells and published by . This book was released on 1987 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Computational Statistical Methodologies and Modeling for Artificial Intelligence by : Priyanka Harjule
Download or read book Computational Statistical Methodologies and Modeling for Artificial Intelligence written by Priyanka Harjule and published by CRC Press. This book was released on 2023-03-31 with total page 359 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers computational statistics-based approaches for Artificial Intelligence. The aim of this book is to provide comprehensive coverage of the fundamentals through the applications of the different kinds of mathematical modelling and statistical techniques and describing their applications in different Artificial Intelligence systems. The primary users of this book will include researchers, academicians, postgraduate students, and specialists in the areas of data science, mathematical modelling, and Artificial Intelligence. It will also serve as a valuable resource for many others in the fields of electrical, computer, and optical engineering. The key features of this book are: Presents development of several real-world problem applications and experimental research in the field of computational statistics and mathematical modelling for Artificial Intelligence Examines the evolution of fundamental research into industrialized research and the transformation of applied investigation into real-time applications Examines the applications involving analytical and statistical solutions, and provides foundational and advanced concepts for beginners and industry professionals Provides a dynamic perspective to the concept of computational statistics for analysis of data and applications in intelligent systems with an objective of ensuring sustainability issues for ease of different stakeholders in various fields Integrates recent methodologies and challenges by employing mathematical modeling and statistical techniques for Artificial Intelligence
Book Synopsis Planning Production and Inventories in the Extended Enterprise by : Karl G. Kempf
Download or read book Planning Production and Inventories in the Extended Enterprise written by Karl G. Kempf and published by Springer Science & Business Media. This book was released on 2011-01-12 with total page 652 pages. Available in PDF, EPUB and Kindle. Book excerpt: In two volumes, Planning Production and Inventories in the Extended Enterprise: A State of the Art Handbook examines production planning across the extended enterprise against a backdrop of important gaps between theory and practice. The early chapters describe the multifaceted nature of production planning problems and reveal many of the core complexities. The middle chapters describe recent research on theoretical techniques to manage these complexities. Accounts of production planning system currently in use in various industries are included in the later chapters. Throughout the two volumes there are suggestions on promising directions for future work focused on closing the gaps.
Book Synopsis Stochastic optimization methods for supply chains with perishable products by : Michael A. Völkel
Download or read book Stochastic optimization methods for supply chains with perishable products written by Michael A. Völkel and published by Logos Verlag Berlin GmbH. This book was released on 2020-07-03 with total page 119 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with inventory systems in supply chains that face risks that could render products unsalable. These risks include possible cooling system failures, transportation risks, packaging errors, handling errors, or natural quality deterioration over time like spoilage of food or blood products. Classical supply chain inventory models do not regard these risks. This thesis introduces novel cost models that consider these risks. It also analyzes how real-time tracking with RFID sensors and smart containers can contribute to decision making. To solve these cost models, this work presents new solution methods based on dynamic programming. In extensive computational studies both with experimental as well as real-life data from large players in the retailer industry, the solution methods prove to lead to substantially lower costs than existing solution methods and heuristics.
Book Synopsis Applied Simulation and Optimization by : Miguel Mujica Mota
Download or read book Applied Simulation and Optimization written by Miguel Mujica Mota and published by Springer. This book was released on 2015-04-06 with total page 323 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presenting techniques, case-studies and methodologies that combine the use of simulation approaches with optimization techniques for facing problems in manufacturing, logistics, or aeronautical problems, this book provides solutions to common industrial problems in several fields, which range from manufacturing to aviation problems, where the common denominator is the combination of simulation’s flexibility with optimization techniques’ robustness. Providing readers with a comprehensive guide to tackle similar issues in industrial environments, this text explores novel ways to face industrial problems through hybrid approaches (simulation-optimization) that benefit from the advantages of both paradigms, in order to give solutions to important problems in service industry, production processes, or supply chains, such as scheduling, routing problems and resource allocations, among others.
Book Synopsis Mathematical Modeling and Computation of Real-Time Problems by : Rakhee Kulshrestha
Download or read book Mathematical Modeling and Computation of Real-Time Problems written by Rakhee Kulshrestha and published by CRC Press. This book was released on 2021-01-04 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers an interdisciplinary approach for understanding mathematical modeling by offering a collection of models, solved problems related to the models, the methodologies employed, and the results using projects and case studies with insight into the operation of substantial real-time systems. The book covers a broad scope in the areas of statistical science, probability, stochastic processes, fluid dynamics, supply chain, optimization, and applications. It discusses advanced topics and the latest research findings, uses an interdisciplinary approach for real-time systems, offers a platform for integrated research, and identifies the gaps in the field for further research. The book is for researchers, students, and teachers that share a goal of learning advanced topics and the latest research in mathematical modeling.
Book Synopsis Optimization of Industrial Systems by : Dilbagh Panchal
Download or read book Optimization of Industrial Systems written by Dilbagh Panchal and published by John Wiley & Sons. This book was released on 2022-07-19 with total page 628 pages. Available in PDF, EPUB and Kindle. Book excerpt: OPTIMIZATION of INDUSTRIAL SYSTEMS Including the latest industrial solution-based practical applications, this is the most comprehensive and up-to-date study of the optimization of industrial systems for engineers, scientists, students, and other professionals. In order to deal with societal challenges, novel technologies play an important role. For the advancement of technology, it is essential to share innovative ideas and thoughts on a common platform where researchers across the globe meet together and revitalize their knowledge and skills to tackle the challenges that the world faces. The high complexity of the issues related to societal interdisciplinary research is the key to future revolutions. From research funders to journal editors, policymakers to think tanks, all seem to agree that the future of research lies outside disciplinary boundaries. In such prevailing conditions, various working scenarios, conditions, and strategies need to be optimized. Optimization is a multidisciplinary term, and its essence can be inculcated in any domain of business, research, and other associated working dynamics. Globalization provides all-around development, and this development is impossible without technological contributions. This volume’s mission is at the core of industrial engineering. All the manuscripts appended in this volume were double-blind peer-reviewed by committee members and the review team, promising high-quality research. This book provides deep insights to its readers about the current scenarios and future advancements of industrial engineering.
