Pricing and Inventory Control Policies for Perishable Products PDF Download
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Author:
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Category :
Languages : en
Pages :
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Author:
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Category :
Languages : en
Pages :
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Author: Halit Bayer
Publisher:
ISBN:
Category : Inventory control
Languages : en
Pages : 162
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Book Description
Author: Steven Nahmias
Publisher: Springer Science & Business Media
ISBN: 1441979999
Category : Business & Economics
Languages : en
Pages : 89
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Book Description
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.
Author: Venkata Sree Raghuram Madduri
Publisher:
ISBN:
Category :
Languages : en
Pages : 147
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Book Description
The retail food industry has sales of over a trillion dollars. Most of these products are perishable in nature. This thesis deals with the development of multi period ordering policies for the perishable products with fixed shelf lives and finite replenishment lead times. In this thesis, simple ordering policies are developed by modifying the traditional EOQ model and base stock policies. The performance of both, the continuous review and periodic review policies, when applied to the perishable products with a fixed shelf life, is evaluated. Two categories of products--one with short shelf lives and another with long shelf lives are considered. Within each category, the shelf life, lead time, order quantity and review periods are varied. For a given shelf life and lead time, the best review periods and order quantities are identified. Both the continuous review and periodic review policies are evaluated using simulation models under three different distributions of demand, using cost and service levels as performance metrics. From the results of the simulations, the impact of product perishability on the EOQ ordering policies is studied. In the periodic review policy, it was found that the traditional EOQ base stock policy is optimal for the perishable products in almost all cases. For the continuous review policy, while perishability was not a factor, an increment of the computed EOQ value was found to be optimal due to lead time consideration. In general, with the proper choice of review periods and order quantities, the EOQ policies that are optimal for the non perishable products can also be used for the perishable products. Comparisons are also done between the relative performances of the periodic and continuous review policies. Overall, the continuous review policy gave a lower cost of operation for similar customer responsiveness measures.
Author: Carol Anne Samuels
Publisher:
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Category :
Languages : en
Pages :
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ISBN: 9789462578500
Category :
Languages : en
Pages : 142
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Author: Sajjad Rahimi
Publisher:
ISBN:
Category : Inventory control
Languages : en
Pages : 154
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Book Description
Author: Leandro Callegari Coelho
Publisher:
ISBN:
Category : Combinatorial optimization
Languages : en
Pages : 0
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Author: Anna-Lena Sachs
Publisher: Springer
ISBN: 3319133055
Category : Business & Economics
Languages : en
Pages : 126
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Book Description
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.
Author: Nita H. Shah
Publisher: Springer Nature
ISBN: 9811396981
Category : Business & Economics
Languages : en
Pages : 470
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Book Description
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.
