This paper deals with determination of ordering policy for perishable goods, namely joint order policy or individual order policy. Expiration date is an important factor to be considered in the inventory system, especially in chemical or food industry. The problem becomes more complicated when the company has more goods with different expired dates. Another factor that has an influence to the inventory system is the supplier discount factor. A company can get benefit from this factor in order to reduce a total cost of inventory. In this paper, performance's criteria used for the selected policy is ordering policy that minimize the total cost of inventory by considering the expiration date and all unit discount.
Under the democratic systems of government instilled in many sovereign states, the party in government maintains a constitutional right to call an early election. Whereas the constitution states that there is a maximum period between elections, early elections are frequently called. This right to call an early election gives the government a control to maximize its remaining period in power. We find the optimal control for the government by locating an exercise boundary, which indicates whether or not a premature election should be called. This problem draws upon the methods of optimal stopping and stochastic control.
In this paper, we develop a multi-item perishable inventory model with deterministic demands, return and all-units discount. We consider a situation where a retailer sells several products to the customer and orders the products from one supplier. Demands are assumed to be deterministic following an inventory-dependent demand, and the supplier offers all-units discount to the retailer who has an opportunity to return unsold or deteriorated products to the supplier at a certain cost. In order to minimize the total cost for the retailer, the decision variables are the optimal return time and the optimal ordering quantity. Considering a multi-item case as an extension of the model by Setiawan et al. (2018) is the main contribution of this paper. We also develop an algorithm to find the optimal solution of the model. Numerical examples for three items are given to illustrate the model and a sensitivity analysis is performed to study the effect of the changes in parameter values on the optimal solution. We consider two scenarios, one with all-units discount and one with no discount. Within these two scenarios, we consider conditions of individual or joint return time for these three items. It is found that the individual return time with no discount gives the least total inventory cost in the numerical examples. Also, in general increasing the value of holding cost, deteriorating rate, return cost per unit and backorder cost will increase the total inventory cost in all scenarios.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.