Modeling Simulation and Optimization Study of Fresh Seafood Inventory Ordering Policies Based on Witness

Abstract:

It is possible to reduce the inventory cost by choosing the proper ordering policies. Considering the distinctive nature of perishable products, it is much more important to control the inventory levels properly. In this paper, we select the fresh seafood as the object of our study and build a simulation model based on Witness to analyse the inventory cost. In the model, we consider constraint conditions such as replenishment lead time, price discounts and so on. We also analyse the variation trends of total inventory cost together with the changes of parameters in three models with different ordering policies and obtain the parameters of the optimum policy by comparing the cost in that three models.

• Periodical: Advanced Materials Research (Volume 461)
• Pages: 541-546
• DOI: https://doi.org/10.4028/www.scientific.net/AMR.461.541
• Online since: February 2012
• Authors: Zhao Hua Tan, Ya Hui Zhang
• Keywords: Inventory Management, Ordering Policy, Perishable Products, Witness

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