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Stochastic Perishable Inventory Systems
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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.
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.
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 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 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 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 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 Foundations of Stochastic Inventory Theory by : Evan L. Porteus
Download or read book Foundations of Stochastic Inventory Theory written by Evan L. Porteus and published by Stanford University Press. This book was released on 2002 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book has a dual purpose?serving as an advanced textbook designed to prepare doctoral students to do research on the mathematical foundations of inventory theory, and as a reference work for those already engaged in such research. All chapters conclude with exercises that either solidify or extend the concepts introduced.
Book Synopsis Analysis of Perishable Stochastic Inventory System with Infinite Pool Capacity by : Sunjida Haque
Download or read book Analysis of Perishable Stochastic Inventory System with Infinite Pool Capacity written by Sunjida Haque and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Stochastic Processes and Models in Operations Research by : Anbazhagan, Neelamegam
Download or read book Stochastic Processes and Models in Operations Research written by Anbazhagan, Neelamegam and published by IGI Global. This book was released on 2016-03-24 with total page 359 pages. Available in PDF, EPUB and Kindle. Book excerpt: Decision-making is an important task no matter the industry. Operations research, as a discipline, helps alleviate decision-making problems through the extraction of reliable information related to the task at hand in order to come to a viable solution. Integrating stochastic processes into operations research and management can further aid in the decision-making process for industrial and management problems. Stochastic Processes and Models in Operations Research emphasizes mathematical tools and equations relevant for solving complex problems within business and industrial settings. This research-based publication aims to assist scholars, researchers, operations managers, and graduate-level students by providing comprehensive exposure to the concepts, trends, and technologies relevant to stochastic process modeling to solve operations research problems.
Book Synopsis Stochastic Inventory Systems with Order Crossover by : Xin Xin He
Download or read book Stochastic Inventory Systems with Order Crossover written by Xin Xin He and published by . This book was released on 1991 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :M. (Myron) Hlynka Publisher :Ann Arbor, Mich. : University Microfilms International ISBN 13 : Total Pages :176 pages Book Rating :4.:/5 (647 download)
Book Synopsis Optimality for a Class of Perishable Inventory Policies Under Stochastic Demand [microform] by : M. (Myron) Hlynka
Download or read book Optimality for a Class of Perishable Inventory Policies Under Stochastic Demand [microform] written by M. (Myron) Hlynka and published by Ann Arbor, Mich. : University Microfilms International. This book was released on 1985 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Multi-echelon Stochastic Inventory Systems with Centralized Stock Information by : Fangruo Chen
Download or read book Multi-echelon Stochastic Inventory Systems with Centralized Stock Information written by Fangruo Chen and published by . This book was released on 1993 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Reducing the Shelf Life of Perishable Items with Stochastic Replenishment in a Two-echelon Inventory System by : Babak Abbasi
Download or read book Reducing the Shelf Life of Perishable Items with Stochastic Replenishment in a Two-echelon Inventory System written by Babak Abbasi and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inventory Optimization for Perishables Subject to Supply Disruptions by : Zumbul Atan
Download or read book Inventory Optimization for Perishables Subject to Supply Disruptions written by Zumbul Atan and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We study a retailer selling perishable products with fixed lifetime. Retailer's supply system is subject to random disruptions. Assuming a base-stock policy, deterministic demand and stationary parameters, we derive an expression for the expected cost function which consists of holding, backordering and perishing costs. After analyzing the properties of this function, we determine the closed form expression for the optimal base-stock level. This is the first paper to study the effects of supply disruptions on perishable-product inventory systems. Our analysis suggests that the optimal base-stock level depends on the lifetime but not on the unit perishing cost. We show that, for items with short lifetime, the choice of the base-stock level has a bigger impact on the cost than for items with a longer lifetime. We also show that if the retailer can manage to make the system safer, it is possible to operate with the same expected cost even with products with shorter lifetime. When it comes to disruption management, we conclude that companies should concentrate more on reducing the duration of supply disruptions instead of trying to prevent them. Finally, we show how to use our model for systems with stochastic demand and non-stationary parameters.
Book Synopsis Operational Research Techniques in Stochastic Inventory Management by : Antara Kundu
Download or read book Operational Research Techniques in Stochastic Inventory Management written by Antara Kundu and published by LAP Lambert Academic Publishing. This book was released on 2012-08 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: Common characteristics of inventory systems include uncertain demand and restrictions such as budgetary and storage space constraints. Several authors have examined budget constrained multi-item stochastic inventory systems controlled by continuous review policies without considering marginal review shortage costs. Existing models assume that purchasing costs are paid at the time an order is placed, which is not always the case since in some systems purchasing costs are paid when order arrive. In the latter case the maximum investment in inventory is random since the inventory level when an order arrives is a random variable. Hence payment of purchasing costs on delivery yields a stochastic budget constraint for inventory. In this model with mixture of back orders and lost sales, we assume that mean and variance of lead time demand are known but their probability distributions are unknown. After that, we apply the minimax distribution free procedure to find the minimum expected value of the random objective function with budget constraint. The random budget constraint is transformed to crisp budget constraint by chance-constraint technique.
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