Managing Perishables with Time and Temperature History

Managing Perishables with Time and Temperature History

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Article ID: iaor201524807
Volume: 24
Issue: 1
Start Page Number: 54
End Page Number: 70
Publication Date: Jan 2015
Journal: Production and Operations Management
Authors: , ,
Keywords: inventory: storage, demand, stochastic processes, programming: markov decision
Abstract:

We address the use and value of time and temperature information to manage perishables in the context of a retailer that sells a random lifetime product subject to stochastic demand and lost sales. The product's lifetime is largely determined by the temperature history and the flow time through the supply chain. We compare the case in which information on flow time and temperature history is available and used for inventory management to a base case in which such information is not available. We formulate the two cases as Markov Decision Processes and evaluate the value of information through an extensive simulation using representative, real world supply chain parameters.

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