Enhancing ameliorating items with sustainable inventory management strategies: A Weibull approach for time and price-dependent demand trends

E. Arunadevi · S. Umamaheswari

12 citations0/0 files storedAin Shams Engineering Journal

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

Abstract

• Revolutionizes waste minimization by predicting optimal replenishment times and quantities, ensuring maximum utilization of fresh products. • Enables real-time supply chain adjustments based on dynamic demand forecasts, mitigating overstock and stockouts. • Redefines industry standards by ensuring products reach peak quality before deterioration, enhancing market competitiveness. • Minimizes supply chain inefficiencies through innovative instantaneous replenishment strategies, reducing operational costs. • Integrates efficiency and environmental sustainability into livestock production, fostering a resilient and eco-friendly future. To meet the needs of a growing population, improving the food supply is imperative. This research aims to identify and address the challenges that food inventories face due to deterioration during amelioration. The signature model employs empirical methodologies and assumes the application of a Weibull distribution to analyse the rates of amelioration and deterioration. Notably, the study acknowledges the dynamic nature of demand, which exhibits both price and time dependencies. The research delves into the plausible scenario where items may deteriorate even after amelioration. To counter this, an innovative instantaneous replenishment system is suggested, encompassing both ameliorating and deteriorating products. The economic order quantity is the pivotal metric for ascertaining optimal order quantities and cycle lengths and is ultimately meant to maximize profitability. An exceptional aspect is the application of a genetic algorithm in conjunction with MATLAB code for numerical analyses and validation of sensitivity analysis.

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References

2003Economic order quantity models for ameliorating/deteriorating items under inflation and time discounting 2003An inventory system of ameliorating items for price dependent demand rate 2006An integrated production-inventory model for ameliorating and deteriorating items taking account of time discounting 1997A study on an inventory model for items with weibull ameliorating 1999Inventory models for both deteriorating and ameliorating items 2008An inventory model for ameliorating and deteriorating items taking account of time value of money and finite planning horizon 2016An inventory model for ameliorating/deteriorating items with trapezoidal demand and complete backlogging under inflation and time discounting 2011Imperfect production process with exponential demand rate, Weibull deterioration under inflation

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2025Optimising inventory systems for sustainable practices: integrating rebates and preservation technology for effective amelioration and deterioration control

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