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Authors
Affiliations
1 Department of Mathematics, Graphic Era University, Dehradun, IN
2 Department of Mathematics, DN College, Meerut, IN
Source
Indian Journal of Science and Technology, Vol 7, No 4 (2014), Pagination: 463-471
Abstract
Inventory decisions in supply chain are crucial for its success. These decisions become more important for the products with expiration date. Making these decisions in inventory systems with multiple products is a challenging task for managers. Most approaches in the literature for optimizing decisions in such an environment consider only a single item inventory. This paper presents a multi item inventory model to optimize the unit time profit of inventory management for the products having an expiration date after which the product can not be sold. As on one side the shortage costs are significant, on the other side, to maintain appropriate inventory levels for such type of products and avoid shortages is a very problematic job. For validation, the model is simulated and the results are compared. This article offers an approach for optimization and thus has business significance.
Keywords
Deterioration, Expiration Date, Lead Time, Multi Items, Partial Backlogging, Shortages
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