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A review and reflection on inventory management of perishable products in a single-echelon model

Duong, Linh N. K.; Wood, Lincoln C.; Wang, William Y. C.

Authors

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Dr Linh Duong Linh.Duong@uwe.ac.uk
Senior Lecturer in Operations Management

Lincoln C. Wood

William Y. C. Wang



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 reaching a 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 balance in 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 optimise 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.

Citation

Duong, L. N. K., Wood, L. C., & Wang, W. Y. C. (2018). A review and reflection on inventory management of perishable products in a single-echelon model. International Journal of Operational Research, 31(3), 313-329. https://doi.org/10.1504/IJOR.2018.089734

Journal Article Type Article
Acceptance Date May 2, 2015
Online Publication Date Jan 16, 2018
Publication Date 2018
Deposit Date Jul 23, 2021
Journal International Journal of Operational Research
Print ISSN 1745-7645
Electronic ISSN 1745-7653
Publisher Inderscience
Peer Reviewed Peer Reviewed
Volume 31
Issue 3
Pages 313-329
DOI https://doi.org/10.1504/IJOR.2018.089734
Public URL https://uwe-repository.worktribe.com/output/7487253
Publisher URL https://www.researchgate.net/profile/Lincoln_Wood/publication/281646215_A_review_and_reflection_on_inventory_management_of_perishable_products_in_a_single-_echelon_model/links/55f2a69808aef559dc493c8b.pdf