Optimal ordering, issuance and disposal policies for inventory management of perishable products

Perishables, such as packed fresh food and pharmaceutical products (a.o. blood products), typically have a fixed shelf life set by a fixed use-by date or sell-by date. Despite their limited life time, orders in practice are usually based on the stock level irrespective of the ages of the products in stock. The management of inventories of such products can be improved by applying stock-age dependent ordering, issuing, and disposal policies.

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Year of publication:	2014
Authors:	Haijema, Rene
Published in:	International Journal of Production Economics. - Elsevier, ISSN 0925-5273. - Vol. 157.2014, C, p. 158-169
Publisher:	Elsevier
Subject:	Inventory management \| Perishability \| Food \| Blood product \| Disposal policy \| Issuing policy \| Withdrawal policy \| Order policy \| Simulation \| Markov decision problem \| Dynamic programming

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

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