An Approximation to the Continuous Review Inventory Model with Perishable Items and Lead Times

ASIAIR > College of Management > Department of Business Administration > Journal Article > Item 310904400/9949

Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/9949

Title:	An Approximation to the Continuous Review Inventory Model with Perishable Items and Lead Times
Authors:	Chiu, H. N.
Contributors:	亞洲大學經營管理學系
Keywords:	Inventory control;Perishable item;Approximation;Heuristic methods;Algorithms;Simulation;Comparative study
Date:	1995
Issue Date:	2010-06-10 03:51:40 (UTC+0)
Publisher:	Asia University
Abstract:	A continuous review perishable inventory model based on approximations to the expected outdating, the expected shortage quantity, and the expected inventory level is developed to determine a best (Q, r) ordering policy under a positive order leadtime when the total expected average cost per unit time is minimized. The approximation method is simple and verified by a comparison with the Weiss model. The results reveal that the mean absolute deviation from the optimal total expected average cost per unit time is only 0.58%. This paper also compares the proposed model to the conventional model with no perishability. A value is given to the item lifetime indicating when an approximate answer approaches closely to the conventional ordering policy. Finally, a simulation model written in SIMSCRIPT II.5 is used to validate the approximate results.
Relation:	European Journal of Operational Research, Elsevier Science B. V. 87(1) : 93-108
Appears in Collections:	[Department of Business Administration] Journal Article

Files in This Item:

File	Description	Size	Format
		0Kb	Unknown	710	View/Open
310904400-9949.doc		35Kb	Microsoft Word	374	View/Open