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A perishable item is one that has constant utility up until an
expiration date (which may be known or uncertain), at which point
the utility drops to zero. This includes many types of packaged
foods such as milk, cheese, processed meats, and canned goods. It
also includes virtually all pharmaceuticals and photographic film,
as well as whole blood supplies. This book is the first devoted
solely to perishable inventory systems.
The book's ten chapters first cover the preliminaries of periodic
review versus continuous review and look at a one-period newsvendor
perishable inventory model. The author moves to the basic
multiperiod dynamic model, and then considers the extensions of
random lifetime, inclusion of a set-up cost, and multiproduct
models of perishables. A chapter on continuous review models looks
at one-for-one policies, models with zero lead time, optimal
policies with positive lead time, and an alternative
approach.
Additional chapters present material on approximate order policies,
inventory depletion management, and deterministic models, including
the basic EOQ model with perishability and the dynamic
deterministic model with perishability. Finally, chapters explore
decaying inventories, queues with impatient customers, and blood
bank inventory control.
Anyone researching perishable inventory systems will find much to
work with here. Practitioners and consultants will also now have a
single well-referenced source of up-to-date information to work
with."
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