Supply Chain Replenishment Decision for Newsvendor Products with Multiple Periods and a Short Life Cycle

Abstract

Traditionally, the newsvendor problem is a single-period model for a retailer and can be applied in the replenishment decision for a product with a short life cycle. However, many fashionable commodities are seasonal; not all of these products must be sold within a single period of a selling season, and they can be replenished once in each cycle. This study develops a novel multi-period model to determine multiple ordering replenishment decisions for a product over a short selling season. This study not only demonstrates the profit function for a retailer, but also provides those for both the manufacturer and the entire channel in a supply chain problem. The proposed multi-period ordering model provides explicit insights into how the ordering decisions of the retailer are affected in a specific period by considering unsold inventory or unsatisfied demand from a previous period. A numerical analysis and the simulation results illustrate the feasibility of the proposed model.

Research on the Life Cycle Decision Model for the Impact of Power Industry Expansion

“…It can be seen from this that the model can effectively determine the life cycle stage of the impact of power industry expansion, and accurately measure the contribution of industry expansion to electricity, and the judgment effect is the best. However, the Reference [1] (Arshad, 2021) model and the Reference [8] (Wei, 2021) model have deviations from the direct observation results, and the judgment effect needs to be further improved.…”

“…As shown in Figure 2, the judgment accuracy of the design model is higher, and its judgment accuracy is always higher than 90%, with good judgment performance. The judgment accuracy of the Reference [1] (Arshad, 2021) model and the Reference [8] (Wei, 2021) model are between 81%~84% and 84%~87%, respectively. Although these two models also have high accuracy, they are lower than the design model, and the maximum accuracy is not more than 90%.…”

“…At present, scholars in related fields have studied the life cycle decision model. Reference [8] ( Wei, 2021) proposed the supply chain replenishment decision of multi cycle short life cycle news suppliers' products. In this study, a new multi period model is developed to determine multiple replenishment decisions for products in short sales seasons.…”

“…(Arshad, 2021) model and the Reference[8] (Wei, 2021) model are used for experimental testing. The test environment is shown in Table2.…”

Vegetable Price Forecasting Based on ARIMA Model and Random Forest Prediction

“…To learn about the replenishment and pricing selection model for vegetable products, Chun-Chin Wei mounted a new multi-period model to decide on a couple of order replenishment choices for a product in a short-sale length [1], which tested the retailer's income function, and supplied the manufacturer's and the complete channel's income characteristic in the provide chain problem. Susana Garrido Azevedo et al examined the sorts of superior applied sciences used at some stage in the manufacturing furnish chain that underpin the primary strategies of the Supply Chain Operations Reference Model (SCOR) [2].…”