We study a perishable inventory system that requires to maintain a minimum inventory volume at all times, where the minimum amount in the constraint is significant with respect to regular market demand and the traditional Economic Manufacturing Quantity (EMQ) models do not suffice. The problem is motivated by applications in homeland security, which are related to the management of pharmaceutic...

A food-processing-and-distribution company typically stores products in a warehouse before shipping them to customers. Inventory management is therefore important to the food-processing-and-distribution industry because of the large amount of products typically stored. Large amounts of stored products increase inventory cost and management cost and can reduce warehouse efficiency. Restated, inv...

This article studies a perishable inventory system with production unit. The process is governed by (s, S) policy and it exponentially distributed. primary arrival follows Markovian process(MAP) the service time phase-type distributed random variable. inventoried items are subject to decay linear rate. A newly arriving customer realizes that running out of stock or server busy either moves infi...

The inventory management system plays a vital role in pharmaceutical industry. For every business, managing an is important whether it small or big, domestic international business. In company, the raw materials have expiry date associated with them so becomes to set minimal safety stock for such items. companies mostly try out keeping minimum of products which will help tracking our business e...

A result in the Bayesian inventory management literature is: If lost sales are not observed, the Bayesian optimal inventory level is larger than the myopic inventory level (one should “stock more” to learn about the demand distribution). This result has been proven in other studies under the assumption that inventory is perishable, so the myopic inventory level is equal to the Bayesian optimal ...

We consider a discrete-time s S inventory model in which the stored items have a random common lifetime with a discrete phase-type distribution. Demands arrive in batches following a discrete phase-type renewal process. With zero lead time and allowing backlogs, we construct a multidimensional Markov chain to model the inventorylevel process. We obtain a closed-form expected cost function. Nume...

In this paper, we consider a joint dynamic pricing and production policy for stochastic inventory system with perishable products. The demand is dependent on the price level of on-hand inventory. Combined control, optimization model that maximizes total discounted profit built. Applying optimal control theory, formulate problem finding schedule as solving Hamilton-Jacobi-Bellman (HJB) equation....

This paper studies a multi-item dynamic lot size problem for perishable products where stock deterioration rates and inventory costs are age-dependent. We explore structural properties in an optimal solution under two cost structures and develop a dynamic programming algorithm to solve the problem in polynomial time when the number of products is fixed. We establish forecast horizon results tha...