Analysis of an Inventory System with Product Perishability and Substitution PDF Download

Author: Bret Rothschild Myers
Publisher:
ISBN:
Category : Business
Languages : en
Pages : 326

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Author: Khosrow-Pour, D.B.A., Mehdi
Publisher: IGI Global
ISBN: 1522573631
Category : Business & Economics
Languages : en
Pages : 1482

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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.

Author: Khosrow-Pour, Mehdi
Publisher: IGI Global
ISBN: 1466658894
Category : Computers
Languages : en
Pages : 7972

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"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.

Author: Steven Nahmias
Publisher: Springer Science & Business Media
ISBN: 1441979999
Category : Business & Economics
Languages : en
Pages : 89

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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: J. Christian Lang
Publisher: Springer Science & Business Media
ISBN: 3642042473
Category : Business & Economics
Languages : en
Pages : 271

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Quantitativeapproachesforsolvingproductionplanningandinventorymanagement problems in industry have gained growing importance in the past years. Due to the increasinguse of AdvancedPlanningSystems, a widespreadpracticalapplicationof the sophisticated optimization models and algorithms developed by the Production Management and Operations Research community now seem within reach. The possibility that productscan be replaced by certain substitute productsexists in various application areas of production planning and inventory management. Substitutions can be useful for a number of reasons, among others to circ- vent production and supply bottlenecks and disruptions, increase the service level, reduce setup costs and times, and lower inventories and thereby decrease ca- tal lockup. Considering the current trend in industry towards shorter product life cycles and greater product variety, the importance of substitutions appears likely to grow. Closely related to substitutions are ?exible bills-of-materials and recipes in multi-level production systems. However, so far, the aspect of substitutions has not attracted much attention in academic literature. Existing lot-sizing models matching complex requirements of industrial optimization problems (e.g., constrained capacities, sequence-dependent setups, multiple resources) such as the Capacitated Lot-Sizing Problem with Sequence-Dependent Setups (CLSD) and the General Lot-Sizing and Scheduling Problem for Multiple Production Stages (GLSPMS) do not feature in substitution options.

Author: Anna-Lena Sachs
Publisher: Springer
ISBN: 3319133055
Category : Business & Economics
Languages : en
Pages : 126

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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: Karl G. Kempf
Publisher: Springer Science & Business Media
ISBN: 1441964851
Category : Business & Economics
Languages : en
Pages : 652

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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.

Author: Khosrow-Pour, D.B.A., Mehdi
Publisher: IGI Global
ISBN: 1522522565
Category : Computers
Languages : en
Pages : 8356

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In recent years, our world has experienced a profound shift and progression in available computing and knowledge sharing innovations. These emerging advancements have developed at a rapid pace, disseminating into and affecting numerous aspects of contemporary society. This has created a pivotal need for an innovative compendium encompassing the latest trends, concepts, and issues surrounding this relevant discipline area. During the past 15 years, the Encyclopedia of Information Science and Technology has become recognized as one of the landmark sources of the latest knowledge and discoveries in this discipline. The Encyclopedia of Information Science and Technology, Fourth Edition is a 10-volume set which includes 705 original and previously unpublished research articles covering a full range of perspectives, applications, and techniques contributed by thousands of experts and researchers from around the globe. This authoritative encyclopedia is an all-encompassing, well-established reference source that is ideally designed to disseminate the most forward-thinking and diverse research findings. With critical perspectives on the impact of information science management and new technologies in modern settings, including but not limited to computer science, education, healthcare, government, engineering, business, and natural and physical sciences, it is a pivotal and relevant source of knowledge that will benefit every professional within the field of information science and technology and is an invaluable addition to every academic and corporate library.

Author: Jing-Sheng J. Song
Publisher: Edward Elgar Publishing
ISBN: 180037710X
Category : Technology & Engineering
Languages : en
Pages : 565

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Book Description
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.

Author: Pengfei Guo
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Problem Definition: We consider a setting where firms sell the same perishable products in two phases during each period, an early-bird-discount phase and a regular-price phase. When the discounted product is stocked-out, an early-bird customer either purchases the regular-price product as the substitute (called inter-temporal substitution) or simply leaves.Academic/Practical Relevance: We study the inventory managers' optimal decisions on the total inventory level and the inventory level reserved for early-bird sales, where the demands for the early-bird-discount product and the regular-price product and the inter-temporal substitution probability are unknown and have to be learned from historical sales data.Methodology: We investigate four information scenarios based on whether or not lost sales are observable and substitution-induced demands can be separated out. We then build a Bayesian updating framework to learn both the demand distribution parameter and the substitution probability.Results: We find that the classic "stock more" result (that is, the Bayesian-optimal inventory level shall be kept higher than the myopic one) may or may not hold here, depending on the relative magnitude of the following four driving forces. One, the unobservability of lost sales requires "stock more". Two, the tangling of substitution demand and primary demand in the regular sales phase. To better observe the primary demand requires "stock more" for the discounted product, which reduces the substitution. Three, to better observe the substitution probability, one shall "stock less" the discounted product so that substitution happens more frequently. Four, compared to the regular-price product, the discounted product has a lower profit margin, dampening the firm's "stock more'' incentive.Managerial Implications: Our results shed light on the inventory manager's optimal inventory decisions with Bayesian learning, i.e., how much inventory allocated for early-bird-discount sales and how much for the regular-price sales when demand and substitution probability information is limited. Our results also complement the existing Bayesian inventory management literature by identifying new driving forces and deriving a general upper bound for the optimal solution.