Stochastic demand optimal inventory model considering customer's purchasing behavior for deteriorating products | |
| Author | Jutamas Boonsri |
| Call Number | AIT Thesis no.ISE-24-02 |
| Subject(s) | Inventory control Consumer behavior |
| Note | A thesis submitted in partial fulfillment of the requirements for the degree of Master of Engineering in Industrial and Manufacturing Engineering |
| Publisher | Asian Institute of Technology |
| Abstract | Inventory management is important for businesses of any size to reduce the cost as much as possible. Especially, many industries deal with shorter product life cycles due to the deterioration rate in inventory. Moreover, the uncertainties in customer demand are challenging for the replenishment decisions for deteriorating products. In the same way, the demand of customer is a key parameter of any inventory model. This research focus on development of mathematical models for the development of an inventory model for deterioration products under replenishment policy considering customer purchasing behavior. To consider the consumers purchasing behavior, the customers are classified into two groups. The first group will always buy the product regardless of whether the remaining lifetime is very short while the second group will buy only when the remaining lifetime of the product is larger than a predefined value. The mathematical model was developed found application in determining order quantity for reducing the total cost of the system and the cycle length, aiming to reduce the expected total inventory cost within the cycle. Numerical experiments and sensitivity analyses were conducted to analyze how changes in input parameters of model affect the optimal solutions. The last is the conclusion outlines future directions for research. |
| Year | 2024 |
| Type | Thesis |
| School | School of Engineering and Technology |
| Department | Department of Industrial Systems Engineering (DISE) |
| Academic Program/FoS | Industrial and Manufacturing Engineering (IME) |
| Chairperson(s) | Huynh, Trung Luong; |
| Examination Committee(s) | Manukid Parnichkun;Mongkol Ekpanyapong; |
| Scholarship Donor(s) | AIT Scholarships; |
| Degree | Thesis (M. Eng.) - Asian Institute of Technology, 2024 |