Periodic review inventory-control for perishable products under service-level constraints |
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Authors: | Stefan Minner Sandra Transchel |
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Affiliation: | 1. Faculty of Business, Economics and Statistics, University of Vienna, Vienna, Austria 2. Smeal College of Business, The Pennsylvania State University, University Park, PA, USA
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Abstract: | Food retail inventory management faces major challenges by uncertain demand, perishability, and high customer service level requirements. In this paper, we present a method to determine dynamic order quantities for perishable products with limited shelf-life, positive lead time, FIFO or LIFO issuing policy, and multiple service level constraints. In a numerical study, we illustrate the superiority of the proposed method over commonly suggested order-up-to-policies. We show that a constant-order policy might provide good results under stationary demand, short shelf-life, and LIFO inventory depletion. |
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