Optimal ordering decision for deteriorating items with expiration date and uncertain lead time

Optimal ordering decision for deteriorating items with expiration date and uncertain lead time

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Article ID: iaor20082116
Country: Netherlands
Volume: 52
Issue: 4
Start Page Number: 448
End Page Number: 458
Publication Date: May 2007
Journal: Computers & Industrial Engineering
Authors: , ,
Keywords: deteriorating items, seasonality
Abstract:

The ordering policy for the retailers and the suppliers is a function of deterioration, product expiration date, the supplier’s uncertain lead time, available capital constraint and the retailer’s seasonal pattern demand. We develop a deteriorating inventory replenishment model of the system and present an algorithm to derive the retailer’s optimal replenishment cycle, shortage period, order quantity and the supplier’s managing cost. Numerical example and sensitivity analysis are given to illustrate the model.

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