Continuous review perishable inventory systems: models and heuristics

Lian, Zhaotong; LIU, LIMING

doi:10.1080/07408170108936874

Cited by 50 publications

(39 citation statements)

References 16 publications

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“…In the case of continuous review perishable inventory models with random life times for the items, most of the models assume instantaneous supply of order [15,16,13]. The assumption of positive lead times further increases the complexity of the analysis of these models and hence there are only a limited number of papers dealing with positive lead times.…”

Section: Introductionmentioning

confidence: 98%

A perishable inventory system with retrial demands and a finite population

Sivakumar

2009

Journal of Computational and Applied Mathematics

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Positive lead time Retrial demand Finite population a b s t r a c tIn this article, we consider a continuous review perishable inventory system with a finite number of homogeneous sources of demands. The maximum storage capacity is S. The life time of each items is assumed to be exponential. The operating policy is (s, S) policy, that is, whenever the inventory level drops to s, an order for Q(= S − s) items is placed. The ordered items are received after a random time which is distributed as exponential. We assume that demands occurring during the stock-out period enter into the orbit. These orbiting demands send out signal to compete for their demand which is distributed as exponential. The joint probability distribution of the inventory level and the number of demands in the orbit are obtained in the steady state case. Various system performance measures are derived and the results are illustrated numerically.

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Section: Introductionmentioning

confidence: 98%

A perishable inventory system with retrial demands and a finite population

Sivakumar

2009

Journal of Computational and Applied Mathematics

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“…The second category was originated by Pal [14] who investigated the performance of an (S − 1, S) control policy. The third category, originated by Weiss [20], is of relevance to our model; [9], [10], [11], [5] and [16] made significant contributions to models in this category. Lian, Liu and Neuts [10] consider discrete demand for items and time to perishability that is either fixed-and-known or that follows a Phase-…”

Section: Literature Reviewmentioning

confidence: 99%

A Fluid EOQ Model of Perishable Items with Intermittent High and Low Demand Rates

Boxma¹,

Perry

Zacks

2015

Mathematics of OR

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We consider a stochastic fluid EOQ-type model with demand rates that operate in a two-state random environment. This environment alternates between exponentially distributed periods of high demand and generally distributed periods of low demand. The inventory level starts at some level q, and decreases linearly at rate a during the periods of high demand, and at rate b < a at periods of low demand. The inventory level is refilled to level q when level 0 is hit or when an expiration date is reached, whichever comes first.We determine the steady-state distribution of the inventory level, as well as other quantities of interest like the distribution of the time between successive refills. Finally, for a given cost/revenue structure, we determine the long-run average profit, and we consider the problem of choosing q such that the profit is optimized.

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“…The second category goes back to Pal [15], who investigated the performance of an (S − 1, S) control policy. The third category, originated by Weiss [18], is of relevance to our model; [5], [10], [11], [12] and [16] made significant contributions to models in this category. In particular, Lian, Liu and Neuts [11] consider discrete demand for items and perishability times that are either fixed (and known) or follow a phase-type distribution.…”

Section: Introductionmentioning

confidence: 99%

A compound Poisson EOQ model for perishable items with intermittent high and low demand periods

et al. 2016

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We consider a stochastic EOQ-type model, with demand operating in a two-state random environment. This environment alternates between exponentially distributed periods of high demand and generally distributed periods of low demand. The inventory level starts at some level q, and decreases according to different compound Poisson processes during the periods of high demand and of low demand. The inventory level is refilled to level q when level 0 is hit or when an expiration date is reached, whichever comes first. We determine various performance measures of interest, like the distribution of the time until refill, the expected amount of discarded material and of material held (inventory), and the expected values of various kinds of shortages. For a given cost/revenue structure, we can thus determine the long-run average profit.

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Continuous review perishable inventory systems: models and heuristics

Cited by 50 publications

References 16 publications

A perishable inventory system with retrial demands and a finite population

A perishable inventory system with retrial demands and a finite population

A Fluid EOQ Model of Perishable Items with Intermittent High and Low Demand Rates

A compound Poisson EOQ model for perishable items with intermittent high and low demand periods

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