Perishable Inventory Management and Dynamic Pricing Using TTI Technology

E. Levner, A. Herbon, T.C.E. Cheng

Research output: Contribution to conferencePaperpeer-review

Abstract

This work considers a computer simulation model for the inventory management of perishable products. Typical examples of such products are food, beverage, and pharmaceuticals. In order to keep track of the age and quality of such units in stock, time-temperature indicator (TTI) technologies can be used. The problem is to maximize the retailer's expected profit in the presence of TTIs with customers' satisfaction being taken into account. The sensing technology and information given to customers is tested in three modes: (i) a basic mode where TTI is not available; (ii) a mode in which TTIs are connected to each item and on-line alerts are made whenever the item is damaged, and (iii) a case when TTIs have the ability to predict the real expiry date with some prediction error. The model is constructed for stochastic data. Results of the simulation are reported.
Original languageAmerican English
StatePublished - 2010
EventICIMT 2010 - Hong Kong, China
Duration: 1 Dec 20101 Dec 2010

Conference

ConferenceICIMT 2010
Country/TerritoryChina
CityHong Kong
Period1/12/101/12/10

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  • ICIMT 2010

    Avi Herbon (Participation - Conference participant)

    1 Dec 2010

    Activity: Participating in or organizing an eventOrganizing a conference, workshop, ...

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