Forecast horizon of multi-item dynamic lot size model with perishable inventory

Jing, Fuying; Lan, Zirui

doi:10.1371/journal.pone.0187725

Cited by 7 publications

(3 citation statements)

References 53 publications

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“…In fact, many goods, such as foodstuffs, have an expiration date. Therefore, it is important to consider dynamic lot sizes on multiple product items that have an expiration date or short life to avoid material damage and consideration of storage costs that are correlated with storage time (Jing & Lan, 2017). Several studies on inventory control with the theme of products that have an expiration date, including in his research (Nafisah et al, 2016a;Jing & Lan, 2017;Nafisah et al, 2011;Nafisah et al, 2016b).…”

Section: Literatur Reviewmentioning

confidence: 99%

Inventory Policy Control Using a Continuous Review Model Based on Information Systems: A Case Study in a Restaurant Industry

Sarafi

Nafisah

Muhsin

2021

Jurnal Optimasi Sistem Industri

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The development of information technology has become a necessity for every company, one of which is the optimization of inventory planning. The joint warehouse owned by the Chickenpedia Restaurant which has to supply various types of raw materials to the three restaurant branches often experiences stock outs and has to make emergency orders resulting in losses. For this reason, it is necessary to control the inventory of raw materials in the shared warehouse so that stock outs can be overcome and losses that arise can be minimized. One of them is by using the Continuous Review method. By using this method, the optimal order quantity and reorder point will be obtained. The weakness is iterative calculation and monitoring of raw material stock manually. For this reason, it is necessary to support an information system to speed up and make it easier to calculate when to place an order and how many orders of raw materials to suppliers so as to reduce the occurrence of running out of raw materials. The Information System can also monitor the stock of raw materials every day in real time based on the number of incoming and outgoing goods that enter the application.

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Section: Literatur Reviewmentioning

confidence: 99%

Inventory Policy Control Using a Continuous Review Model Based on Information Systems: A Case Study in a Restaurant Industry

Sarafi

Nafisah

Muhsin

2021

Jurnal Optimasi Sistem Industri

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“…The use of inventory models is important when managing a logistically efficient organization [1–3]. A typical objective for evaluating an inventory system is to minimize the total cost (TC), which is a function of purchase cost, ordering cost per lot (or setup), inventory holding cost, and shortage cost [4].…”

Section: Introduction and Bibliographical Reviewmentioning

confidence: 99%

Modeling lot-size with time-dependent demand based on stochastic programming and case study of drug supply in Chile

et al. 2019

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The objective of this paper is to propose a lot-sizing methodology for an inventory system that faces time-dependent random demands and that seeks to minimize total cost as a function of order, purchase, holding and shortage costs. A two-stage stochastic programming framework is derived to optimize lot-sizing decisions over a time horizon. To this end, we simulate a demand time-series by using a generalized autoregressive moving average structure. The modeling includes covariates of the demand, which are used as predictors of this. We describe an algorithm that summarizes the methodology and we discuss its computational framework. A case study with unpublished real-world data is presented to illustrate the potential of this methodology. We report that the accuracy of the demand variance estimator improves when a temporal structure is considered, instead of assuming time-independent demand. The methodology is useful in decisions related to inventory logistics management when the demand shows patterns of temporal dependence.

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“…Jing and Lan [32] study a multi-item DLS problem for perishable products where stock deterioration rates and inventory costs are age-dependent. They explore structural properties in an optimal solution under two cost structures and develop a dynamic programming algorithm to solve the problem in polynomial time when the number of products is fixed, and establish forecast horizon results.…”

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confidence: 99%

Forecast horizon of dynamic lot size model for perishable inventory with minimum order quantities

Jing¹,

Lan²,

Yang³

2020

Journal of Industrial &Amp; Management Optimization

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We consider the dynamic lot size problem for perishable inventory under minimum order quantities. The stock deterioration rates and inventory costs depend on both the age of the stocks and their periods of order. Based on two structural properties of the optimal solution, we develop a dynamic programming algorithm to solve the problem without backlogging. We also extend the model by considering backlogging. By establishing the regeneration set, we give a sufficient condition for obtaining forecast horizon under without and with backlogging. Finally, based on a detailed test bed of instance, we obtain useful managerial insights on the impact of minimum order quantities and perishability of product and the costs on the length of forecast horizon.

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Forecast horizon of multi-item dynamic lot size model with perishable inventory

Cited by 7 publications

References 53 publications

Inventory Policy Control Using a Continuous Review Model Based on Information Systems: A Case Study in a Restaurant Industry

Inventory Policy Control Using a Continuous Review Model Based on Information Systems: A Case Study in a Restaurant Industry

Modeling lot-size with time-dependent demand based on stochastic programming and case study of drug supply in Chile

Forecast horizon of dynamic lot size model for perishable inventory with minimum order quantities

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