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RFID-Enabled Management of Highly-Perishable Inventory: A Markov Decision Process Approach for Grocery Retailers

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Item Summary

Title:RFID-Enabled Management of Highly-Perishable Inventory: A Markov Decision Process Approach for Grocery Retailers
Authors:Siawsolit, Chokdee
Gaukler, Gary
Seepun, Sarun
Keywords:Intelligent Decision Support for Logistics and Supply Chain Management
inventory, Markov chain, optimal policy, perishable, RFID or inventory, Markov, optimization, perishable, RFID
Date Issued:03 Jan 2018
Abstract:We address the challenge of managing perishable inventory. One study was conducted to analyze the effects of recapturing unsatisfied demand, and another to estimate improvements in operational metrics through delaying order placements. Our results indicate that significant profit improvements can be achieved under these scenarios, as evidenced by a greater than 30% median increase in profit margin.
Pages/Duration:10 pages
URI/DOI:http://hdl.handle.net/10125/50041
ISBN:978-0-9981331-1-9
DOI:10.24251/HICSS.2018.154
Rights:Attribution-NonCommercial-NoDerivatives 4.0 International
https://creativecommons.org/licenses/by-nc-nd/4.0/
Appears in Collections: Intelligent Decision Support for Logistics and Supply Chain Management


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