Volume 35, Issue 4 (IJIEPR 2024)                   IJIEPR 2024, 35(4): 29-41 | Back to browse issues page

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Kurniawan D, Nazhiifah Ulhaq A, Fadhilah Althofian A, Nur Rachman R. An Aggregated Newsvendor Model for Multi-Item Perishable Inventories with Uncertain Demand. IJIEPR 2024; 35 (4) :29-41
URL: http://ijiepr.iust.ac.ir/article-1-2097-en.html
An Aggregated Newsvendor Model for Multi-Item Perishable Inventories with Uncertain Demand
Dwi Kurniawan 1, Aghnia Nazhiifah Ulhaq2 , Aditya Fadhilah Althofian2 , Rubby Nur Rachman2
1- Institut Teknologi Nasional Bandung- Indonesia , dwi_kurniawan@itenas.ac.id
2- Institut Teknologi Nasional, Bandung 40124, Indonesia
Abstract:   (459 Views)
In industrial and commercial settings, inventory systems often involve managing multiple products with diverse demand patterns, making the direct application of the single-item newsvendor model inefficient. To address this complexity, this study proposes an adaptation of the newsvendor model through demand aggregation, where related items are grouped into a product family. By aggregating demand and financial parameters, the traditional newsvendor approach can be extended to multi-item systems, simplifying the inventory management process. This method was tested in two different case studies—a coffee roaster company and a meatball producer—demonstrating its validity and applicability. The aggregated newsvendor model was found to enhance inventory accuracy and efficiency, reducing random error and improving operational performance. This approach offers a valuable extension of the newsvendor model, with potential for broader application across various industries.
Keywords: Probabilistic inventory system, uncertain demand, Newsvendor model, expected profit
Full-Text [PDF 506 kb]   (120 Downloads)    
Type of Study: Research | Subject: Material Managment
Received: 2024/08/24 | Accepted: 2024/09/30 | Published: 2024/12/10
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