Joint inspection and inventory control for deteriorating items with random maximum lifetime
(چکیده مقاله) :
Abstract :
In this paper, we consider inventory control problems for deteriorating items. Six practical models are developed
for an inventory system with deterioration rate depending on the maximum lifetime of items. Due to the physical
nature of items, the maximum lifetime of items is assumed to be random over a time period. Items exceeding the
maximum lifetime are regarded as scarp and no longer serviceable. Two replenishment policies: (i) quantity-based
policy and (ii) time-based policy, and two inspection scenarios: (i) one inspection and (ii) continuous monitoring
have been discussed in these models. Examples and sensitivity analysis are given for each model. The results
indicate that it may be beneficial for the inventory holder to adopt the quantity-based policy and drop the plan of
continuous monitoring if the cost of continuous monitoring is too high. Otherwise, performing continuous
monitoring is able to increase the optimal long-run average profit. These results provide useful insights for inventory
holder in making managerial decisions.
1. Introduction
Products such as fresh food, chemicals and medicines may deteriorate
when they are stored in warehouses. Electronic devices and fashion
goods can also be considered as deteriorating items. These deteriorating
items may lose their utility with time due to decay, damage or spoilage.
Once their quality becomes unacceptable, they are no longer serviceable
in the market. Deriving and obtaining an optimal inventory decision is a
very complicated and difficult task in practice, but this is essential for
decision makers in the indus
for an inventory system with deterioration rate depending on the maximum lifetime of items. Due to the physical
nature of items, the maximum lifetime of items is assumed to be random over a time period. Items exceeding the
maximum lifetime are regarded as scarp and no longer serviceable. Two replenishment policies: (i) quantity-based
policy and (ii) time-based policy, and two inspection scenarios: (i) one inspection and (ii) continuous monitoring
have been discussed in these models. Examples and sensitivity analysis are given for each model. The results
indicate that it may be beneficial for the inventory holder to adopt the quantity-based policy and drop the plan of
continuous monitoring if the cost of continuous monitoring is too high. Otherwise, performing continuous
monitoring is able to increase the optimal long-run average profit. These results provide useful insights for inventory
holder in making managerial decisions.
1. Introduction
Products such as fresh food, chemicals and medicines may deteriorate
when they are stored in warehouses. Electronic devices and fashion
goods can also be considered as deteriorating items. These deteriorating
items may lose their utility with time due to decay, damage or spoilage.
Once their quality becomes unacceptable, they are no longer serviceable
in the market. Deriving and obtaining an optimal inventory decision is a
very complicated and difficult task in practice, but this is essential for
decision makers in the indus
(توضیحات تکمیلی) :
(توضیحات تکمیلی) :
Description :
مقاله ISI انگلیسی اصلی
سال انتشار:2019
فایل ISI انگلیسی اصلی ، با فرمت Pdf
تعداد صفحات فایل ISI انگلیسی اصلی: 19 صفحه
سال انتشار:2019
فایل ISI انگلیسی اصلی ، با فرمت Pdf
تعداد صفحات فایل ISI انگلیسی اصلی: 19 صفحه
Authors / Descriptions(نویسندگان/توضیحات): مقاله ISI سال انتشار2019 \ Allen H. Tai a, Yue Xie b,*, Wanhua He c, Wai-Ki Ching
Sent date(تاریخ ارسال) :
1397/10/29 | 1/19/2019
Number of visits(تعداد بازدید):
710
Key words (کلمات کلیدی):
Deteriorating items Replenishment policy Inspection policy Random maximum lifetime Inventory system
Number of pages(تعداد صفحات) :
19
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