Optimal ordering, issuance and disposal policies for inventory management of perishable products

Rene Haijema

International Journal of Production Economics, 2014, vol. 157, issue C, 158-169

Abstract: Perishables, such as packed fresh food and pharmaceutical products (a.o. blood products), typically have a fixed shelf life set by a fixed use-by date or sell-by date. Despite their limited life time, orders in practice are usually based on the stock level irrespective of the ages of the products in stock. The management of inventories of such products can be improved by applying stock-age dependent ordering, issuing, and disposal policies.

Keywords: Inventory management; Perishability; Food; Blood product; Disposal policy; Issuing policy; Withdrawal policy; Order policy; Simulation; Markov decision problem; Dynamic programming (search for similar items in EconPapers)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (14)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:proeco:v:157:y:2014:i:c:p:158-169

DOI: 10.1016/j.ijpe.2014.06.014

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