LOT-SIZING FOR A PRODUCT SUBJECT TO OBSOLESCENCE OR PERISHABILITY
DSpace at IIT Bombay
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Title |
LOT-SIZING FOR A PRODUCT SUBJECT TO OBSOLESCENCE OR PERISHABILITY
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Creator |
JAIN, K
SILVER, EA |
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Subject |
heuristics
uncertainty lot sizing perishability obsolescence stochastic dynamic programming heuristic |
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Description |
This paper presents a stochastic dynamic programming model for determining the optimal ordering policy for a perishable or potentially obsolete product so as to satisfy known time-varying demand over a specified planning horizon. We have considered random life time perishability where, at the end of each discrete period, the total remaining inventory either becomes worthless or remains usable for at least the next period. Two approximate solution methods are shown. The optimal and heuristic methods are compared on a large set of test problems and their performance as a function of various problem parameters is analyzed.
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Publisher |
ELSEVIER SCIENCE BV
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Date |
2011-07-25T15:56:21Z
2011-12-26T12:51:23Z 2011-12-27T05:35:23Z 2011-07-25T15:56:21Z 2011-12-26T12:51:23Z 2011-12-27T05:35:23Z 1994 |
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Type |
Article
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Identifier |
EUROPEAN JOURNAL OF OPERATIONAL RESEARCH, 75(2), 287-295
0377-2217 http://dx.doi.org/10.1016/0377-2217(94)90075-2 http://dspace.library.iitb.ac.in/xmlui/handle/10054/6726 http://hdl.handle.net/10054/6726 |
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Language |
en
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