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    A Review and Reflection on Inventory Management of Perishable Products in a Single-echelon Model

    234353_234353.pdf (390.6Kb)
    Access Status
    Open access
    Authors
    Duong, L.
    Wood, Lincoln
    Wang, W.
    Date
    2018
    Type
    Journal Article
    
    Metadata
    Show full item record
    Citation
    Duong, L. and Wood, L. and Wang, W. 2018. A Review and Reflection on Inventory Management of Perishable Products in a Single-echelon Model. International Journal of Operational Research. 31 (3): pp. 313–329.
    Source Title
    International Journal of Operational Research
    DOI
    10.1504/IJOR.2018.089734
    School
    School of Information Systems
    URI
    http://hdl.handle.net/20.500.11937/22971
    Collection
    • Curtin Research Publications
    Abstract

    This paper reviews research on single-echelon inventory management of perishable products using the continuous review model. A steady progression of research in this area has included of a range of parameters and is reachinga saturation point where models appear effective and cover a range of realistic situations for single-echelon management.However, research has rested on the assumption that a total cost or profit metric should be used when answering the replenishment questions of when and how much to order. This total cost/profit metric is less appropriate when considering a holistic or systemic modelling of the company where the balancein measurements between departments and the continuous improvement are priority. From this perspective, we outline concerns with existing approaches using a total cost/profit metric when applied to a company. Instead of using approximation methods to optimize total costs/profits in a single department, we assert that managers should focus on multi-metric performance measures to improve system-wide results.In this paper, we present a method to compare the single-echelon replenishment model using multi-metric performance measures and those with the traditional total cost/profit metric.

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