Optimal inventory policies for a perishable product with stochastic supply | |
| Author | Nguyen Lanh |
| Call Number | AIT Thesis no. ISE-96-28 |
| Subject(s) | Inventory control Perishable goods |
| Note | A thesis submitted in partial fulfillment of the requirements for the degree of Master of Engineering, School of Advanced Technologies |
| Publisher | Asian Institute of Technology |
| Series Statement | Thesis ; no. ISE-96-28 |
| Abstract | This work addresses a discrete time, periodic review inventory-production model with expected total cost criterion for a single product where the supply of raw material is a random variable and the raw material itself is perishable. Dynamic programming approach is used in both model formulation and computation for the case raw material has a fixed life-time of two periods over n-period planning horizon. Best ordering-production policy is found among the set of critical values policies. Numerical solution for the best invent01y-production policy of Song-Huong Frozen Seafood Company has been obtained which outpe1forms the myopic policy by more than 25 per cents in expected total cost. An attempt has been made to compare this best expected cost with the lower bound case when assuming that the supply is infinite. Behaviors of the solution due to the changes of model's parameters are also studied. |
| Year | 1996 |
| Corresponding Series Added Entry | Asian Institute of Technology. Thesis ; no. ISE-96-28 |
| Type | Thesis |
| School | School of Advanced Technologies (SAT) |
| Department | Department of Industrial Systems Engineering (DISE) |
| Academic Program/FoS | Industrial Systems Engineering (ISE) |
| Chairperson(s) | Pastijn, Hugo;Do, Ba Khang; |
| Examination Committee(s) | Nagarur, Nagendra N.; |
| Scholarship Donor(s) | Government of Belgium |
| Degree | Thesis (M. Eng.) - Asian Institute of Technology, 1996 |