Rossi R.Tarim S.A.Hnich B.Prestwich S.D.2023-06-162023-06-1620109.79E+12https://hdl.handle.net/20.500.14365/397924th Mini EURO Conference on Continuous Optimization and Information-Based Technologies in the Financial Sector, MEC EurOPT 2010 -- 23 June 2010 through 26 June 2010 -- Izmir -- 106702In many industrial environments there is a significant class of problems for which the perishable nature of the inventory cannot be ignored in developing replenishment order plans. Food is the most salient example of a perishable inventory item. In this work, we consider the periodic-review, single-location, single-product production/inventory control problem under non-stationary stochastic demand and service level constraints. The product we consider can be held in stock for a limited amount of time after which it expires and it must be disposed of at a cost. In addition to wastage costs, our cost structure comprises fixed and unit variable ordering costs, and inventory holding costs. We propose an easy-to-implement replenishment cycle inventory control policy that yields at most 2N control parameters, where N is the number of periods in our planning horizon. We also show, on a simple numerical example, the improvement brought by this policy over two other simpler inventory control rules of common use. © Izmir University of Economics, Turkey, 2010.eninfo:eu-repo/semantics/closedAccessInventory managementOptimizationPerishabilityUncertainty and riskInventory controlOptimizationIndustrial environmentsInventory control policiesInventory managementPerishabilityPerishable inventoryProduction/inventory controlService level constraintUncertainty and risksCostsConference Object2-s2.0-84884312629