Managing fresh-product inventory

US8364553B2 · kind B2 · utility

Assignee

• International Business Machines Corporation · US

Inventors

• Daniel P. Connors · Pleasant Valley, US
• Markus Ettl · Ossining, US
• David D. Yao · Yorktown Heights, US
• Zhengliang Xue · Yorktown Heights, US

Key dates

• Filing date: Apr 25, 2011
• Grant date: Jan 29, 2013
• Expiry date: Jul 20, 2031

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q10/087
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

Freshness inventory control problem may be formulated as a stochastic dynamic program. In one aspect, a stochastic dynamic programming formulation takes as input inventory status, stochastic demand forecast and cost information associated with on-hand inventory. The stochastic dynamic programming formulation is maximized to determine order quantity and depletion quantity of the product per period.