An Economic Lot Size Model for Perishable Products with Age-Dependent Inventory and Backorder Costs

Vernon Ning Hsu

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Supply Chain and Inventory Management Sustainable Supply Chain Management Optimization and Mathematical Programming

Abstract

This paper presents an Economic Lot Size (ELS) model for perishable products where the costs of holding inventory stocks (having backorders) in each period depend on the age of inventories (backorders). We propose a polynomial-time dynamic programming algorithm to solve two structured problems, one with non-decreasing demands and the other with non-decreasing marginal backorder cost with respect to the age of the backorder. Our results generalize a recent study on an ELS model for perishable product but without backorders.

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2017Dynamic economic lot size model with perishable inventory and capacity constraints 2020Dynamic lot-sizing model under perishability, substitution, and limited storage capacity 2020Sustainable dynamic lot sizing models for cold products under carbon cap policy 2021A dynamic lot size model with perishable inventory and stockout 2019Forecast horizon for dynamic lot sizing model under product substitution and perishable inventories 2015Optimal Control of Distribution Chains for Perishable Goods 2019Robust inventory theory with perishable products 2017Heuristic algorithms for inventory replenishment with perishable products and multiple transportation modes

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