Perishable Inventory Management and Dynamic Pricing Using TTI Technology

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

Perishable Inventory Management and Dynamic Pricing Using TTI Technology

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

Department of Management

Research output: Contribution to conference › Paper › peer-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 language	American English
State	Published - 2010
Event	ICIMT 2010 - Hong Kong, China Duration: 1 Dec 2010 → 1 Dec 2010

Conference

Conference	ICIMT 2010
Country/Territory	China
City	Hong Kong
Period	1/12/10 → 1/12/10

ICIMT 2010
Herbon, A. (Participation - Conference participant)
1 Dec 2010
Activity: Participating in or organizing an event › Organizing a conference, workshop, ...

Cite this

@conference{65574083f1f94817afe363ffe6eb1b26,

title = "Perishable Inventory Management and Dynamic Pricing Using TTI Technology",

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.",

author = "E. Levner and A. Herbon and T.C.E. Cheng",

year = "2010",

language = "American English",

note = "ICIMT 2010 ; Conference date: 01-12-2010 Through 01-12-2010",

}

TY - CONF

T1 - Perishable Inventory Management and Dynamic Pricing Using TTI Technology

AU - Levner, E.

AU - Herbon, A.

AU - Cheng, T.C.E.

PY - 2010

Y1 - 2010

N2 - 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.

AB - 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.

M3 - Paper

T2 - ICIMT 2010

Y2 - 1 December 2010 through 1 December 2010

ER -

Perishable Inventory Management and Dynamic Pricing Using TTI Technology

Abstract

Conference

Fingerprint

Activities

ICIMT 2010

Cite this