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Managing Perishable Inventory Systems As Non Perishable Ones
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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.
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 Managing Perishable Inventory Systems With Age-Differentiated Demand by : Shouchang Chen
Download or read book Managing Perishable Inventory Systems With Age-Differentiated Demand written by Shouchang Chen and published by . This book was released on 2020 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider a periodic-review perishable inventory system with multiple demand classes, each characterized by a different lost-sales cost and a least freshness requirement. Demands of different classes in the same period can be correlated, while demands across periods are independent but not necessarily identical. In each period, the firm jointly makes the decisions regarding inventory issuing, rationing, production/ordering, and disposal. The objective is to minimize the total discounted expected cost over the entire planning horizon including linear ordering cost, inventory holding/lost-sales cost, expiration cost and disposal cost. By establishing new properties of multimodularity, we are able to explore some monotonicity and bounded sensitivity properties of the optimal policies and show that the optimal inventory issuing policy follows the first-in-first-out (FIFO) rule. The optimality analysis enables us to propose a novel heuristic, called adaptive approximation approach, which can be recursively calculated through a single-dimension dynamic program. Numerical studies demonstrate that our proposed approximation approach is nearly optimal with the average optimality gap 0.30% and significantly outperforms existing heuristics studied in the literature. Another important observation from numerical studies is that ignoring customers' freshness requirements can lead to a significant increase in total costs. Our heuristic idea can also be applied to the setting with the last-in-first-out (LIFO) issuing rule and still performs rather well.
Book Synopsis Managing Perishable Inventory Systems with Product Returns and Remanufacturing by : Ke Fu
Download or read book Managing Perishable Inventory Systems with Product Returns and Remanufacturing written by Ke Fu and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Motivated by emerging practice in the cut flower industry, we consider a periodic-review inventory system for a perishable product with a lifetime of two periods. There are two separate customer demands for the new product with two-period remaining lifetime and the old product with one-period remaining lifetime, and a fixed proportion of the unsatisfied demand for one product will purchase the other product as a substitute. One distinctive feature of our system is that a random portion of the sold new product is returned and can be remanufactured and re-marketed as the old product for sale. The objective is to maximize the expected total discounted profit over a finite planning horizon. We show that the optimal remanufacturing policy is a modified base-stock policy, and that the optimal manufacturing quantity of the new product decreases in the inventory level of the old product after remanufacturing. Furthermore, when the inventory level of the old product is large, the optimal manufacturing quantity asymptotically approaches a constant, which is lower and upper bounded by two newsvendor fractile solutions. We also conduct a numerical study to derive insights into the effects of remanufacturing and demand substitution. In particular, we show that remanufacturing can be a powerful way of mitigating negative environmental impacts in the cut flower industry. Finally, we discuss two model extensions that allow a joint production capacity and a multi-period lifetime.
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.
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.
Book Synopsis On Multi-product Perishable Inventory Systems with Dependent Demands by : Bryan L. Deuermeyer
Download or read book On Multi-product Perishable Inventory Systems with Dependent Demands written by Bryan L. Deuermeyer and published by . This book was released on 1977 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Inventory Policies for Multi-product Inventory Systems with Perishable and Non-perishable Components by : Suriawati Sahari
Download or read book Inventory Policies for Multi-product Inventory Systems with Perishable and Non-perishable Components written by Suriawati Sahari and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Multistage perishable inventory systems by : Chan-Huat Goh
Download or read book Multistage perishable inventory systems written by Chan-Huat Goh and published by . This book was released on 1991 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Product Selection Policies for Perishable Inventory Systems by : Julian Keilson
Download or read book Product Selection Policies for Perishable Inventory Systems written by Julian Keilson and published by . This book was released on 1990 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Replenishment Policy for a Perishable Inventory System Based on Estimated Aging and Retrieval Behavior by : Rob A.C.M. Broekmeulen
Download or read book A Replenishment Policy for a Perishable Inventory System Based on Estimated Aging and Retrieval Behavior written by Rob A.C.M. Broekmeulen and published by . This book was released on 2007 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 In Defense of Processed Food by : Robert L. Shewfelt
Download or read book In Defense of Processed Food written by Robert L. Shewfelt and published by Springer. This book was released on 2016-11-23 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: It has become popular to blame the American obesity epidemic and many other health-related problems on processed food. Many of these criticisms are valid for some processed-food items, but many statements are overgeneralizations that unfairly target a wide range products that contribute to our health and well-being. In addition, many of the proposed dangers allegedly posed by eating processed food are exaggerations based on highly selective views of experimental studies. We crave simple answers to our questions about food, but the science behind the proclamations of food pundits is not nearly as clear as they would have you believe. This book presents a more nuanced view of the benefits and limitations of food processing and exposes some of the tricks both Big Food and its critics use to manipulate us to adopt their point of view. Food is a source of enjoyment, a part of our cultural heritage, a vital ingredient in maintaining health, and an expression of personal choice. We need to make those choices based on credible information and not be beguiled by the sophisticated marketing tools of Big Food nor the ideological appeals and gut feelings of self-appointed food gurus who have little or no background in nutrition.
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.
Book Synopsis Retail Analytics by : Anna-Lena Sachs
Download or read book Retail Analytics written by Anna-Lena Sachs and published by Springer. This book was released on 2014-12-10 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses the challenging task of demand forecasting and inventory management in retailing. It analyzes how information from point-of-sale scanner systems can be used to improve inventory decisions, and develops a data-driven approach that integrates demand forecasting and inventory management for perishable products, while taking unobservable lost sales and substitution into account in out-of-stock situations. Using linear programming, a new inventory function that reflects the causal relationship between demand and external factors such as price and weather is proposed. The book subsequently demonstrates the benefits of this new approach in numerical studies that utilize real data collected at a large European retail chain. Furthermore, the book derives an optimal inventory policy for a multi-product setting in which the decision-maker faces an aggregated service level target, and analyzes whether the decision-maker is subject to behavioral biases based on real data for bakery products.
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.
