Inventory control with deteriorating items: A state-of-the-art literature review

Khanlarzade, Narges; Yegane, Babak Yousefi; Kamalabadi, Isa Nakhai; Farughi, Hiwa

doi:10.5267/j.ijiec.2013.11.003

Cited by 16 publications

(10 citation statements)

References 88 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…So, holding high inventories of spare parts is not a viable solution, as it would inevitably lead to unsustainable holding costs. A tradeoff, between the system's reliability and costs, must be found, and the optimization of this issue has attracted much scientific interest, as testified by the interesting literature reviews by Kennedy et al (2002), Ahmed and Sultana (2013), Khanlarzade et al (2014) and .…”

Section: Introductionmentioning

confidence: 99%

A constructive algorithm to maximize the useful life of a mechanical system subjected to ageing, with non-resuppliable spares parts

Zammori¹,

Bertolini²,

Mezzogori³

2020

10.5267/j.ijiec

View full text Add to dashboard Cite

In this paper, the focus is on mechanical systems that, like a ship or a submarine, perform risky missions and that must remain operating for the whole mission time. Missions take place far from the operational base and so, in case of failures, although repairs are possible, spares parts cannot be resupplied. Hence, given space constraints, the problem is to define the optimal set of spare parts that should be taken aboard, to maximize the probability to complete the mission. To solve this problem, we propose a constructive algorithm that generates the Pareto Optimal Frontier of all the non-dominated solutions, in terms of the system's reliability and of required space. At first, the algorithm is formulated in a generic way; next, it is contextualized to the common case of Weibull distributed failure times. In this condition, the underlying equations of the model cannot be solved in closed form and an approximated procedure is proposed and validated through extensive numerical simulation.

show abstract

Section: Introductionmentioning

confidence: 99%

A constructive algorithm to maximize the useful life of a mechanical system subjected to ageing, with non-resuppliable spares parts

Zammori¹,

Bertolini²,

Mezzogori³

2020

10.5267/j.ijiec

View full text Add to dashboard Cite

show abstract

“…In inventory control models, it is overwhelmingly assumed that products can be stored infinitely long [1]. Unfortunately, such an assumption does not correspond to reality because some products lose their valuable qualities over time, for instance, food, medicine and donor blood.…”

Section: Introductionmentioning

confidence: 99%

Simulation-Optimisation Approach to Stochastic Inventory Control with Perishability

Jackson

2019

ITMS

View full text Add to dashboard Cite

In order to tailor inventory control to urgent needs of grocery retail, the discrete-event simulation model with realistic perishability mechanics is proposed in the paper. The model is stochastic and operates with multiple products under constrained total inventory capacity. Besides, the model under consideration is distinguished by quantity discount, uncertain replenishment lags and lost sales. The paper presents both mathematical description and algorithmic implementation. An optimisation framework based on a genetic algorithm is also proposed for deriving an optimal control policy. The proposed approach contributes to the field of industrial engineering by providing a simple and flexible way to compute nearly-optimal inventory control parameters.

show abstract

“…In recent years, this marketing strategy has been widely used by industries (Coy, 2000) due to three main reasons including emergence of a very competitive environment in businesses and industries, increasing access to demand information, and ease of applying price changes due to advent of new technologies. In classic inventory control models, it is assumed that the goods can be held infinitely for future demand, while such assumption does not hold in reality as the majority of the products lose their original value as time passes and for some of them this happens more quickly (Khanlarzade et al, 2014). These products are called deteriorating items.…”

Section: Introductionmentioning

confidence: 99%

Optimal dynamic pricing and replenishment policies for deteriorating items

Rabbani¹,

Zia²,

Rafiei³

2014

10.5267/j.ijiec

View full text Add to dashboard Cite

Marketing strategies and proper inventory replenishment policies are often incorporated by enterprises to stimulate demand and maximize profit. The aim of this paper is to represent an integrated model for dynamic pricing and inventory control of deteriorating items. To reflect the dynamic characteristic of the problem, the selling price is defined as a time-dependent function of the initial selling price and the discount rate. In this regard, the price is exponentially discounted to compensate negative impact of the deterioration. The planning horizon is assumed to be infinite and the deterioration rate is time-dependent. In addition to price, the demand rate is dependent on advertisement as a powerful marketing tool. Several theoretical results and an iterative solution algorithm are developed to provide the optimal solution. Finally, to show validity of the model and illustrate the solution procedure, numerical results are presented.

show abstract

Inventory control with deteriorating items: A state-of-the-art literature review

Cited by 16 publications

References 88 publications

A constructive algorithm to maximize the useful life of a mechanical system subjected to ageing, with non-resuppliable spares parts

A constructive algorithm to maximize the useful life of a mechanical system subjected to ageing, with non-resuppliable spares parts

Simulation-Optimisation Approach to Stochastic Inventory Control with Perishability

Optimal dynamic pricing and replenishment policies for deteriorating items

Contact Info

Product

Resources

About