Optimization of inventory replenishment under assymmetric stock-out and inventory holding costs
[ X ]
Tarih
2025
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
University of Cincinnati
Erişim Hakkı
info:eu-repo/semantics/closedAccess
Özet
Perishable products are an essential part of commerce. Shelf-life characteristics are usually not modeled in traditional inventory models. This study proposes an inventory replenishment model for perishable products with an asymmetric cost structure for holding and stock-out costs. The modeling phase involves the shelf-life characteristics of products. Shelf life is essential due to sustainability concerns, costs, and service levels due to perished products. In contrast to classical safety stock models, where stock-out costs increase linearly, the proposed model utilizes incrementally increased fixed costs for holding costs in a conflicting cost structure. It incorporates the shelf-life of the products, calculates the probability of perishing, and formulates accurate waste and total costs using an asymmetrical cost structure. The model is applied to a real dataset to assess the performance and compare it with the traditional approach. The performance of the proposed model is better, with a total cost reduction of 45.33%. Additionally, the model demonstrated a 17.21% increase in service level. The sensitivity analysis further underlined the robustness of the proposed model across various demand scenarios and shelf-life conditions. The main research gap addressed by this study is the lack of consideration for shelf-life characteristics and asymmetric cost structures in traditional inventory models. By integrating these factors, this research provides a more accurate and cost-effective approach to inventory management for perishable products, enhancing sustainability and service levels. This study's findings can help businesses optimize inventory strategies, reduce waste, and improve operational efficiency.
Açıklama
Anahtar Kelimeler
Asymmetric Costs, Inventory model, Metaheuristics, Optimization, Perishable
Kaynak
International Journal of Industrial Engineering : Theory Applications and Practice
WoS Q Değeri
Q4
Scopus Q Değeri
Cilt
32
Sayı
1
Künye
Yigit, F., & Basilio, M. P. (2025). Optimization of Inventory Replenishment under Asymmetric Stock-Out and Inventory Holding Costs. International Journal of Industrial Engineering: Theory, Applications and Practice, 32(1).
