A Multi-criteria Continuous Review Inventory Management System for Perishable & Substitutable Products
A brief introduction to the PhD research:
This research aims to improve the management of perishable and substitutable inventory. Perishability can affect many types of products (e.g., fruit or meat) and can lead to significant loss of inventory value when not carefully managed. Substitutability reflects the ability of a consumer to select different products based on the availability or condition of inventory. Effective ordering and management policies to answer the questions when to order and how much to order for perishability products with the aim of reducing the losses from inventory deterioration.
Perishability and substitution inventory management systems that accommodate realistic scenarios (such as stochastic or random demand from customers) are very complex, making them most amenable to analysis using discrete event simulation (DES). As it is impractical to use analytical tools to model and analyse such complex systems, DES will therefore be used to improve inventory policies accounting for perishability and substitution.
Associate Professor William Yu Chung Wang
Dr. Lincoln C. Wood