Analysis of the (Q, r) inventory model for perishables with positive lead times and lost sales

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dc.citation.epage1246en_US
dc.citation.issueNumber5en_US
dc.citation.spage1238en_US
dc.citation.volumeNumber56en_US
dc.contributor.authorBerk, E.en_US
dc.contributor.authorGürler, Ü.en_US
dc.date.accessioned2016-02-08T10:07:51Z
dc.date.available2016-02-08T10:07:51Z
dc.date.issued2008en_US
dc.departmentDepartment of Managementen_US
dc.departmentDepartment of Industrial Engineeringen_US
dc.description.abstractWe consider a perishable inventory system with Poisson demands, fixed shelf lives, constant lead times, and lost sales in the presence of nonnegligible fixed ordering costs. The inventory control policy employed is the continuous-review (Q, r) policy, where r < Q. The system is modeled using an embedded Markov process approach by introducing the concept of the effective shelf life of a batch in use. Using the stationary distribution of the effective shelf life, we obtain the expressions for the operating characteristics and construct the expected cost rate function for the inventory system. Our numerical study indicates that the determination of the policy parameters exactly as modeled herein results in significant improvements in cost rates with respect to a previously proposed heuristic. We also compare the (Q, r) policy with respect to a time-based benchmark policy and find that the (Q, r) policy might be impractical for rare events, but overall appears to be a good heuristic policy.en_US
dc.identifier.doi10.1287/opre.1080.0582en_US
dc.identifier.eissn1526-5463
dc.identifier.issn0030-364X
dc.identifier.urihttp://hdl.handle.net/11693/23018
dc.language.isoEnglishen_US
dc.publisherInstitute for Operations Research and the Management Sciences (INFORMS)en_US
dc.relation.isversionofhttp://dx.doi.org/10.1287/opre.1080.0582en_US
dc.source.titleOperations Researchen_US
dc.subjectInventoryen_US
dc.subjectPerishablesen_US
dc.subjectLot size-reorder point policyen_US
dc.subjectLost salesen_US
dc.subjectEffective shelf lifeen_US
dc.subjectManufacturingen_US
dc.subjectServiceen_US
dc.subjectSupply chain operationsen_US
dc.titleAnalysis of the (Q, r) inventory model for perishables with positive lead times and lost salesen_US
dc.typeArticleen_US
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