Inventory management of perishable products: A time decay linked logistic approach

Sadia Samar Ali, J. Madaan, Tung Sun Chan, S. Kannan

Research output: Journal article publicationJournal articleAcademic researchpeer-review

31 Citations (Scopus)

Abstract

This paper proposes a logistic-based approach to a class of inventory problems with shortages and time decay functions. Time decay and shortages are a common phenomena in products with short life cycles, and financial volatility necessitates more accurate characterisation of inventory costs based on time-adjusted value. In this paper an extended approach of Wagner-Whitin (WW) is used to determine lot sizes, replenishment cycle, and schedules. A sensitivity analysis of the proposed optimisation procedure has been conducted to justify its advantages.
Original languageEnglish
Pages (from-to)3864-3879
Number of pages16
JournalInternational Journal of Production Research
Volume51
Issue number13
DOIs
Publication statusPublished - 1 Jul 2013

Keywords

  • deterioration
  • inventory management
  • lot sizes
  • perishable products
  • time value

ASJC Scopus subject areas

  • Strategy and Management
  • Management Science and Operations Research
  • Industrial and Manufacturing Engineering

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