Product Replacement Strategies for Perishable Inventory Systems using Queuing Theory
Klíčová slova:
Perishable inventory, Retained customers, Multi-channel queuing system, Product replacement, and Reneging.Abstrakt
Inventory management plays a crucial role in managing production processes as well as the supply chains. The study of inventory systems with perishable products has a special significance as it influences the cost and revenue of a firm. Product replacement strategies act like safeguards to the retailers (firms) dealing with the business of perishable products. An inventory system with perishable products and product replacement is studied. A finite capacity multi-channel Markovian queuing model with the retention of reneged customers is proposed for such inventory systems. The perishable products are modeled as reneged customers and the products provided in the form of replacement are considered as retained customers.Keywords: Perishable inventory, Retained customers, Multi-channel queuing system, Product replacement, and Reneging.Publikováno
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