Optimization of inventory replenishment under assymmetric stock-out and inventory holding costs

Basit Öğe Kaydı
dc.authorid0000-0002-9453-741X
dc.contributor.authorYiğit, Fatih
dc.contributor.authorBasilio, Marcio Pereira
dc.date.accessioned2025-05-05T06:17:39Z
dc.date.available2025-05-05T06:17:39Z
dc.date.issued2025
dc.departmentFakülteler, Mühendislik ve Doğa Bilimleri Fakültesi, Endüstri Mühendisliği Bölümü
dc.description.abstractPerishable 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.
dc.identifier.citationYigit, 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).
dc.identifier.doi10.23055/ijietap.2025.32.1.10035
dc.identifier.endpage15
dc.identifier.issn1072-4761
dc.identifier.issue1
dc.identifier.scopus2-s2.0-85217077295
dc.identifier.startpage1
dc.identifier.urihttps://hdl.handle.net/20.500.12939/5739
dc.identifier.volume32
dc.identifier.wosWOS:001459122000001
dc.identifier.wosqualityQ4
dc.indekslendigikaynakScopus
dc.institutionauthorYiğit, Fatih
dc.institutionauthorid0000-0002-7919-544X
dc.language.isoen
dc.publisherUniversity of Cincinnati
dc.relation.ispartofInternational Journal of Industrial Engineering : Theory Applications and Practice
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/closedAccess
dc.subjectAsymmetric Costs
dc.subjectInventory model
dc.subjectMetaheuristics
dc.subjectOptimization
dc.subjectPerishable
dc.titleOptimization of inventory replenishment under assymmetric stock-out and inventory holding costs
dc.typeArticle

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