We develop the first approximation algorithm for periodic-review perishable inventory systems with setup costs. The ordering lead time is zero. The model allows for correlated demand processes which generalize the well-known approaches to model dynamic demand forecast updates. The structure of optimal policies for this fundamental class of problems is not known in the literature. Thus, finding ...

s-This paper further extends the existing cost model for a fixed-life perishable product in a two-echelon inventory problem into the net profit model. The extended model is subsequently evaluated by comparing its results with those obtained from OptQuest, a commercial simulationoptimization package. Within a limited but reasonable time, the comparative results do not show a significant improvem...

In this paper we propose a new discrete time discrete state inventory model for perishable items of a single product. Items in stock are assumed to belong to one of a finite number of quality classes that are ordered in such a way that Class 1 contains the best quality and the last class contains the pre-perishable quality. By the end of each epoch, items in each inventory class either stay in ...

With the intensification of global warming and the levy of energy tax, more industries are paying attention to energy saving and reduction of carbon footprint. For the food industry, energy cost in the supply chain of perishable food is quite high because of cold-chain transport and storage. Therefore, the efficacies of cold chain management and inventory control are the key factors that increa...

We provide explicit solutions to life-cycle utility maximization problems simultaneously involving dynamic decisions on investments in stocks and bonds, consumption of perishable goods, and the rental and the ownership of residential real estate. House prices, stock prices, interest rates, and the labor income of the decision-maker follow correlated stochastic processes. The preferences of the ...

We consider a service facility system with perishable inventory with finite number of servers. Each server having one perishable item for providing service. The arrival of a customer at the system according to independent Poisson Processes with rate  through a single channel. The service time of the customer is exponentially distributed with mean  1/ and the item in stock has exponential life...

This study has extended a vehicle routing problem, with time-windows (VRPTW), by considering the randomness of the perishable food delivery process, and constructing a SVRPTWmodel, to obtain optimal delivery routes, loads, fleet dispatching and departure times for delivering perishable food from a distribution center. Our objective was to minimize not only the fixed costs for dispatching vehicl...

In this paper we analyze the optimal joint decisions of when, how and howmuch to replenish customers with products of varying ages. We discuss the main features of the problem arising in the joint replenishment and delivery of perishable products, and we model them under general assumptions. We then solve the problem by means of an exact branch-and-cut algorithm, and we test its performance on ...

Inventory management has frequently been targeted by researchers as one of the most pivotal problems in supply chain management. With the expansion of research studies on inventory management in supply chains, perishable inventory has been introduced and its fundamental differences from non-perishable inventory have been emphasized. This article presents livestock as a type of inventory that ha...

In many industrial environments there is a significant class of problems for which the perishable nature of the inventory cannot be ignored in developing replenishment order plans. Food is the most salient example of a perishable inventory item. In this work, we consider the periodic-review, single-location, single-product production/inventory control problem under non-stationary stochastic dem...