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Managing Perishable Inventory Systems With Age Differentiated Demand
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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 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 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 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 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 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 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 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 Inventory Systems of Age-independent Perishable Items Subject to On-going Deterioration by : Feraidoon Raafat
Download or read book Inventory Systems of Age-independent Perishable Items Subject to On-going Deterioration written by Feraidoon Raafat and published by . This book was released on 1982 with total page 412 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 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.
Book Synopsis Simple Analytical Models for Perishable Inventory Systems by : Stephen C. Graves
Download or read book Simple Analytical Models for Perishable Inventory Systems written by Stephen C. Graves and published by . This book was released on 1978 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops three distinct models for studying perishable inventory systems. The perishable items have a deterministic usable life after which they must be outdated. For each of the models, analytical expressions are found for steady-state distributions which characterize the inventory systems. Knowledge of this steady-state behavior may be used for evaluation of system performance, and for consideration of alternatives for improving system performance. The first model considered assumes that both the demand process and the inventory replenishment process are stochastic processes that may be modelled as Poisson processes. The second and third model assume that inventory is replenished by a constant production process. The second model, assuming continuous inventory units, has Poisson demand requests with the size of each request distributed as an exponential random variable. The third model has Poisson demand requests with all demands being for a single unit. (Author).
Book Synopsis Inventory Management by : Mohamad Y. Jaber
Download or read book Inventory Management written by Mohamad Y. Jaber and published by CRC Press. This book was released on 2009-08-11 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: As markets become more dynamic and competitive, companies must reconsider how they view inventory and make changes to their production and inventory systems. They must begin to think outside the classical box and develop a new paradigm of inventory management. Exploring the trend away from classical models based on economic order quantities to depe
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 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.
Download or read book Inventory Systems written by E. Naddor and published by John Wiley & Sons. This book was released on 1966-01-15 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
