A multi-criteria inventory management system for perishable & substitutable products

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aut.relation.endpage76
aut.relation.startpage66
aut.relation.volume2en_NZ
aut.researcherWood, Lincoln
dc.contributor.authorDuong, LNKen_NZ
dc.contributor.authorWood, LCen_NZ
dc.contributor.authorWang, WYCen_NZ
dc.date.accessioned2015-11-03T02:38:05Z
dc.date.available2015-11-03T02:38:05Z
dc.date.copyright2015-10-17en_NZ
dc.date.issued2015-10-17en_NZ
dc.description.abstractPerishable products represent a vital area in the retail industry and our daily lives. However, when considered with product substitution (which provides more choices) the short lifetime of perishable products creates significant challenges for the inventory management (e.g., one-third of food products are wasted). The main question is: what is the suitable ‘inventory policy’ when we have products that are both perishable and substitutable? Appropriate performance metrics are proposed to evaluate the whole system and provide a robust solution while also being easy for professionals to understand and adopt. Therefore, this paper proposes to use multi-metric approach, including Order Rate Variance Ratio, Average Inventory, and Fill Rate. The paper extends inventory theory to consider inventory management of products where they possess multi-period lifetime, positive lead time, required customer service level, and each item is treated separately. Under these circumstances, as the first research adopting these easily captured and analysed performance metrics, the proposed model will enable management of realistic scenarios by incorporating multiple inventory characteristics that support cross-functional continuous improvement.en_NZ
dc.identifier.citationProcedia Manufacturing, Vol. 2, pp. 66-76en_NZ
dc.identifier.doi10.1016/j.promfg.2015.07.012en_NZ
dc.identifier.issn2351-9789en_NZ
dc.identifier.urihttps://hdl.handle.net/10292/9177
dc.publisherElsevieren_NZ
dc.relation.urihttp://dx.doi.org/10.1016/j.promfg.2015.07.012en_NZ
dc.rightsThis is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
dc.rights.accessrightsOpenAccessen_NZ
dc.subjectPerishableen_NZ
dc.subjectSubstitutableen_NZ
dc.subjectMulti-echelon inventory managementen_NZ
dc.subjectSimulationen_NZ
dc.subjectPerformance metricsen_NZ
dc.titleA multi-criteria inventory management system for perishable & substitutable productsen_NZ
dc.typeJournal Article
pubs.elements-id192694
pubs.organisational-data/AUT
pubs.organisational-data/AUT/Business & Law
pubs.organisational-data/AUT/Business & Law/Business Information System
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