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Analysis Of Inventory Policy For Perishable Goods Having Constant Demand

Author

Listed:
  • Sarbjit Singh

    (Institute of Management Technology)

Abstract

One of the major problems of retailers is when to order and how much to order their products so that the total inventory cost is minimized i.e. their operating profit is maximized. This study focuses on the inventory management of perishable items having constant demand. Firstly, the mathematical model for perishable items have been framed and then using the principle of maxima- minima the optimal cycle time equation has been obtained. Also using simulation the best possible solution has been obtained for the various cases. By using the above model retailer can easily decide his inventory cycle time and optimal ordering quantity. The above model can be converted into the classical EOQ model if nonperishable items are considered. Otherwise, also it follows the classical EOQ principle which states that the optimal order quantity is obtained when ordering cost is equal to the carrying cost

Suggested Citation

  • Sarbjit Singh, 2017. "Analysis Of Inventory Policy For Perishable Goods Having Constant Demand," Proceedings of International Academic Conferences 5807976, International Institute of Social and Economic Sciences.
    • Handle: RePEc:sek:iacpro:5807976
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    File URL: https://iises.net/proceedings/33rd-international-academic-conference-vienna/table-of-content/detail?cid=58&iid=066&rid=7976
    File Function: First version, 2017
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    More about this item

    Keywords

    Deterioration; Optimality; Sensitivity;
    All these keywords.

    JEL classification:

    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory

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