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      Age-based vs. stock level control policies for a perishable inventory system

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      Author(s)
      Tekin, E.
      Gürler Ü.
      Berk, E.
      Date
      2001
      Source Title
      European Journal of Operational Research
      Print ISSN
      0377-2217
      Electronic ISSN
      1872-6860
      Volume
      134
      Issue
      2
      Pages
      309 - 329
      Language
      English
      Type
      Article
      Item Usage Stats
      273
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      541
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      Abstract
      In this study, we investigate the impact of modified lotsize-reorder control policy for perishables which bases replenishment decisions on both the inventory level and the remaining lifetimes of items in stock. We derive the expressions for the key operating characteristics of a lost sales perishable inventory model, operating under the proposed age-based policy, and examine the sensitivity of the optimal policy parameters with respect to various system parameters. We compare the performance of the suggested policy to that of the classical (Q,r) type policy through a numerical study over a wide range of system parameters. Our findings indicate that the age-based policy is superior to the stock level policy for slow moving perishable inventory systems with high service levels.
      Keywords
      Inventory
      Lost sales
      Perishable
      Computational methods
      Decision making
      Decision theory
      Inventory control
      Purchasing
      Resource allocation
      Sensitivity analysis
      Strategic planning
      Modified lotsize-reorder control policy
      Perishable inventory systems
      Operations research
      Permalink
      http://hdl.handle.net/11693/24797
      Published Version (Please cite this version)
      http://dx.doi.org/10.1016/S0377-2217(00)00250-2
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      • Department of Industrial Engineering 758
      • Department of Management 639
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