On solving a stochastic programming model for perishable inventory control

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Abstract

This paper describes and analyses a Stochastic Programming (SP) model that is used for a specific inventory control problem for a perishable product. The decision maker is confronted with a non-stationary random demand for a fixed shelf life product and wants to make an ordering plan for a finite horizon that satisfies a service level constraint. In literature several approaches have been described to generate approximate solutions. The question dealt with here is whether exact approaches can be developed that generate solutions up to a guaranteed accuracy. Specifically, we look into the implications of a Stochastic Dynamic Programming (SDP) approach.
Original languageEnglish
Title of host publicationProceedings of the 12th International Conference, 18-21 June 2012, Salvador de Bahia, Brazil, Proceedings Part III
EditorsB. Murgante, G. Osvaldo, S. Misra
Place of PublicationHeidelberg
PublisherSpringer
Pages45-56
Volume7333
ISBN (Print)9783642311376
DOIs
Publication statusPublished - 2012
EventICCSA 2012, part III -
Duration: 18 Jun 201221 Jun 2012

Conference

ConferenceICCSA 2012, part III
Period18/06/1221/06/12

Fingerprint

Inventory control
Stochastic programming
Shelf life
Decision maker
Finite horizon
Stochastic dynamic programming
Random demand
Perishable products
Service levels

Cite this

Hendrix, E. M. T., Haijema, R., Rossi, R., & Pauls-Worm, K. G. J. (2012). On solving a stochastic programming model for perishable inventory control. In B. Murgante, G. Osvaldo, & S. Misra (Eds.), Proceedings of the 12th International Conference, 18-21 June 2012, Salvador de Bahia, Brazil, Proceedings Part III (Vol. 7333, pp. 45-56). Heidelberg: Springer. https://doi.org/10.1007/978-3-642-31137-6_4
Hendrix, E.M.T. ; Haijema, R. ; Rossi, R. ; Pauls-Worm, K.G.J. / On solving a stochastic programming model for perishable inventory control. Proceedings of the 12th International Conference, 18-21 June 2012, Salvador de Bahia, Brazil, Proceedings Part III. editor / B. Murgante ; G. Osvaldo ; S. Misra. Vol. 7333 Heidelberg : Springer, 2012. pp. 45-56
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Hendrix, EMT, Haijema, R, Rossi, R & Pauls-Worm, KGJ 2012, On solving a stochastic programming model for perishable inventory control. in B Murgante, G Osvaldo & S Misra (eds), Proceedings of the 12th International Conference, 18-21 June 2012, Salvador de Bahia, Brazil, Proceedings Part III. vol. 7333, Springer, Heidelberg, pp. 45-56, ICCSA 2012, part III, 18/06/12. https://doi.org/10.1007/978-3-642-31137-6_4

On solving a stochastic programming model for perishable inventory control. / Hendrix, E.M.T.; Haijema, R.; Rossi, R.; Pauls-Worm, K.G.J.

Proceedings of the 12th International Conference, 18-21 June 2012, Salvador de Bahia, Brazil, Proceedings Part III. ed. / B. Murgante; G. Osvaldo; S. Misra. Vol. 7333 Heidelberg : Springer, 2012. p. 45-56.

Research output: Chapter in Book/Report/Conference proceedingConference paperAcademicpeer-review

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Hendrix EMT, Haijema R, Rossi R, Pauls-Worm KGJ. On solving a stochastic programming model for perishable inventory control. In Murgante B, Osvaldo G, Misra S, editors, Proceedings of the 12th International Conference, 18-21 June 2012, Salvador de Bahia, Brazil, Proceedings Part III. Vol. 7333. Heidelberg: Springer. 2012. p. 45-56 https://doi.org/10.1007/978-3-642-31137-6_4