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Perishable inventory systems
This text explores the benefits of a periodic review versus continuous review, and a look at a one-period newsvendor perishable inventory model. Topics include one-for-one policies, models with zero lead time, and optimal policies with positive lead time.
Book
A hybrid optimization method to design a sustainable resilient supply chain in a perishable food industry
To integrate the location, inventory, and routing (LIR) problems arising in designing a resilient sustainable perishable food supply network (RSPFSN), a bi-objective optimization model is developed. To improve the resiliency and sustainability of the RSPFSN, a dynamic pricing strategy is used to cope with the disrupting events, along with minimizing the total cost and CO
2
emission of the whole network. One of the important features of the proposed model is taking into account the effects of route disruptions and traffic conditions on the deterioration of products. To solve the mixed-integer nonlinear bi-objective optimization model, a novel hybrid method is developed using the Heuristic Multi-Choice Goal Programming and Utility Function Genetics Algorithm (HMCGP-UFGA). To improve resiliency, the dynamic pricing strategy, considering the traffic condition, can lead to around a 20% improvement in both cost and CO
2
emission, based on the results of our case study in a dairy supply chain. Besides, the results of sensitivity analysis display the high flexibility of the proposed approach for various problems.
Journal Article
Coordinating Inventory Control and Pricing Strategies for Perishable Products
We analyze a joint pricing and inventory control problem for a perishable product with a fixed lifetime over a finite horizon. In each period, demand depends on the price of the current period plus an additive random term. Inventories can be intentionally disposed of, and those that reach their lifetime have to be disposed of. The objective is to find a joint pricing, ordering, and disposal policy to maximize the total expected discounted profit over the planning horizon taking into account linear ordering cost, inventory holding and backlogging or lost-sales penalty cost, and disposal cost. Employing the concept of
L
-concavity, we show some monotonicity properties of the optimal policies. Our results shed new light on perishable inventory management, and our approach provides a significantly simpler proof of a classical structural result in the literature. Moreover, we identify bounds on the optimal order-up-to levels and develop an effective heuristic policy. Numerical results show that our heuristic policy performs well in both stationary and nonstationary settings. Finally, we show that our approach also applies to models with random lifetimes and inventory rationing models with multiple demand classes.
Journal Article
Stochastic Inventory Routing for Perishable Products
Different solution methods are developed to solve an inventory routing problem for a perishable product with stochastic demands. The solution methods are empirically compared in terms of average profit, service level, and actual freshness. The benefits of explicitly considering demand uncertainty are quantified. The computational study highlights that in certain situations although a simple ordering policy can achieve very good performance, statistically and economically significant improvements are achieved when using more advanced solution methods. Managerial insights concerning the impact of shelf life and store capacity on profit are also obtained.
Journal Article
Optimization and Coordination of Fresh Product Supply Chains with Freshness-Keeping Effort
We consider a supply chain in which a distributor procures from a producer a quantity of a fresh product, which has to undergo a long‐distance transportation to reach the target market. During the transportation process, the distributor has to make an appropriate effort to preserve the freshness of the product, and his success in this respect impacts on both the quality and quantity of the product delivered to the market. The distributor has to determine his order quantity, level of freshness‐keeping effort, and selling price, by taking into account the wholesale price of the producer, the cost of the freshness‐keeping effort, the likely spoilage of the product during transportation, and the possible demand for the product in the market. The producer, on the other hand, has to determine the wholesale price based on its effect on the order quantity of the distributor. We develop a model to study this problem, and characterize each party's optimal decisions in both decentralized and centralized systems. We further develop an incentive scheme to facilitate coordination between the two parties. Computational results are reported to show the effects of freshness‐keeping efforts.
Journal Article
A resilience model for cold chain logistics of perishable products
Purpose
Most of the extant literature on resilience builds on normative, conceptual or silo approaches, thereby lacking an integrative approach to cold chain logistics risks (CCLRs) and resilience. The purpose of this paper is to bridge the current research gap by developing a model, based on broad empirical evidence, of the interplay between CCLRs, resilience and firm performance (FP) in perishable product supply chains (PPSCs).
Design/methodology/approach
A mixed method approach is used with qualitative data from interviews and quantitative data from a survey across the supply chain. The analysis is framed by contingency theory and resource-based theory.
Findings
Four significant sources of CCLRs and six resources used to build resilience are identified. Then, supply chain resilience (SCR) as a moderator of the negative relationship between CCLRs and FP is corroborated.
Practical implications
The findings will help improve managerial understandings of critical sources of risks in cold chain logistics and resources indispensable to build resilience. The scope of the research is cold chain logistics for PPSCs, which has relevance to other cold supply chains as well.
Originality/value
While some theoretical frameworks suggest resilience being a moderator in the negative relationship between cold chain risks and a firm’s performance, this study empirically tests this relationship using the survey across the entire supply chain. A new empirically and theoretically driven definition of SCR is also developed.
Journal Article
Integrating Perishables into Closed-Loop Supply Chains: A Comprehensive Review
In an era where sustainability and efficient resource utilization are paramount, the closed-loop supply chain (CLSC) emerges as a critical approach, particularly in the context of perishable goods. The perishability of products adds a layer of complexity to supply chain management, necessitating innovative strategies for maximizing product life and minimizing waste. This comprehensive review article delves into the integration of perishable products within the framework of CLSC. The study thoroughly examines existing research to identify gaps and outline future research directions. It emphasizes the unique challenges and complexities of managing perishable goods, a crucial but often overlooked component in sustainable supply chain practices. The review highlights the balance between efficiency and sustainability, underscoring the importance of reverse logistics and circular economy principles in enhancing supply chain resilience. By synthesizing various methodologies and findings, the article presents a holistic view of the current state of perishable product management in CLSCs, offering valuable insights for academia and industry practitioners. The study not only contributes to the theoretical understanding of CLSCs, but also proposes practical approaches for their optimization, aligning with broader sustainability goals.
Journal Article
Joint Dynamic Pricing of Multiple Perishable Products Under Consumer Choice
In response to competitive pressures, firms are increasingly adopting revenue management opportunities afforded by advances in information and communication technologies. Motivated by these revenue management initiatives in industry, we consider a dynamic pricing problem facing a firm that sells given initial inventories of multiple substitutable and perishable products over a finite selling horizon. Because the products are substitutable, individual product demands are linked through consumer choice processes. Hence, the seller must formulate a joint dynamic pricing strategy while explicitly incorporating consumer behavior. For an integrative model of consumer choice based on linear random consumer utilities, we model this
multiproduct dynamic pricing
problem as a stochastic dynamic program and analyze its optimal prices. The consumer choice model allows us to capture the linkage between product differentiation and consumer choice, and readily specializes to the cases of vertically and horizontally differentiated assortments. When products are vertically differentiated, our results show monotonicity properties (with respect to quality, inventory, and time) of the optimal prices and reveal that the optimal price of a product depends on higher quality product inventories only through their aggregate inventory rather than individual availabilities. Furthermore, we show that the price of a product can be decomposed into the price of its adjacent lower quality product and a markup over this price, with the markup depending solely on the aggregate inventory. We exploit these properties to develop a polynomial-time, exact algorithm for determining the optimal prices and the profit. For a horizontally differentiated assortment, we show that the profit function is unimodal in prices. We also show that individual, rather than aggregate, product inventory availability drives pricing. However, we find that monotonicity properties observed in vertically differentiated assortments do not hold.
Journal Article
Tracking perishable foods in the supply chain using chain of things technology
Modern food supply chains are intrinsically sophisticated due to their multi-participant and multi-echelon structure, which are challenging to handle high turbulent business environment. The development of Perishable Food Supply Chains (PFSC) has to be strong enough to manage any type of disruptions in the food industry. At the same time, the food processing industry must also take responsibility for the social and environmental consequences of their deeds. This has further led to performance deterioration and intensified design complexity. Recently, digitalization and Blockchain technology (BCT) have brought unfathomed rebellions in PFSC. Despite the potential and market hype, the application of BCT to track the perishable products and status of in-transit shipments is still a challengingtask for the food industry due to privacy and security issues, restricted transactional and scalability performance, deficiency of industry standards and managerial abilities, etc. However, integrating the BCT with the eventual benefits of the Internet of Things (IoT) (i.e., Chain of Things (CoT)) increases the performance of good traceability in any supply chain. The proposed CoT-based Track and Trace system (CoT-TTS) employs a set of IoT devices, BCT, and Adaptive Neuro-Fuzzy Inference System (ANFIS). The performance of CoT-TTS is evaluated through a case study using an EOSIO platform. The effectiveness of the proposed system is evaluated in terms of depth, breadth, access, and precision of the transactions.
Journal Article
Dynamics of sensor-based information in supply chains with perishables substitutable by non-perishables
Supply chains with either perishables or non-perishables have been well-studied as evidenced through extant published literature. Among these studies, very few consider supply chains with both perishable and non-perishable products. Since the early 2000s, RFID (Radio-Frequency IDentification) tags have been increasingly used in supply chains that deal with perishables as well as non-perishables. While there is a reasonably large amount of published literature on RFID use in supply chains, we are unaware of any that considers the dynamics of RFID-generated information in supply chains that simultaneously involve perishables substitutable by non-perishables in retail environments. We attempt to address this void. We consider the relative benefits of sensor-enabled RFID tag use in supply chains that simultaneously contain perishables substitutable by non-perishables. We also derive expressions for conditions on their dynamics through specific consideration of their pre-determined and actual expiry dates. We operationalize our analysis from the perspective of retailers and customers.
Journal Article