Proceedings of the 18th International Symposium on Management (INSYMA 2021)

Towards a Socially Sustainable Inventory Optimization

Authors
Warut Pannakkong, Kim Cuc Vo Thi, Sun Olapiriyakul
Corresponding Author
Sun Olapiriyakul
Available Online 29 June 2021.
DOI
https://doi.org/10.2991/aebmr.k.210628.023How to use a DOI?
Keywords
Inventory Optimization, Perishable, Freshness, Social Sustainability, Supply Chain Management
Abstract

Inventory optimization is one of the critical decisions in perishable product supply chain management. This study develops a bi-objective inventory optimization model for perishable products. The model can determine the optimal order quantities that fulfill customer demand over time while simultaneously maximizing the profit and minimizing the freshness loss of products at the point of demand fulfillment. The fresh-ness loss value is regarded as the social sustainability performance metric. It is expected that the minimization of freshness loss contributes to the improved well-being of customers. The proposed model can track the product’s remaining shelf life and account for the amount of waste generated when it is expired. A numerical case is provided to demonstrate the utility of the model and the decision-making process that deals with the tradeoff between cost and freshness level. The proposed concept and methodology can serve as the basis for the future development of sustainable supply chain management, focusing on the social impacts.

Copyright
© 2021, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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Volume Title
Proceedings of the 18th International Symposium on Management (INSYMA 2021)
Series
Advances in Economics, Business and Management Research
Publication Date
29 June 2021
ISBN
978-94-6239-400-1
ISSN
2352-5428
DOI
https://doi.org/10.2991/aebmr.k.210628.023How to use a DOI?
Copyright
© 2021, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

Cite this article

TY  - CONF
AU  - Warut Pannakkong
AU  - Kim Cuc Vo Thi
AU  - Sun Olapiriyakul
PY  - 2021
DA  - 2021/06/29
TI  - Towards a Socially Sustainable Inventory Optimization
BT  - Proceedings of the 18th International Symposium on Management (INSYMA 2021)
PB  - Atlantis Press
SP  - 139
EP  - 145
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.210628.023
DO  - https://doi.org/10.2991/aebmr.k.210628.023
ID  - Pannakkong2021
ER  -