An Aggregated Newsvendor Model for Multi-Item Perishable Inventories with Uncertain Demand

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Kurniawan Dwi; Nazhiifah Ulhaq Aghnia; Fadhilah Althofian Aditya; Nur Rachman Rubby

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Journal Paper

Paper Information

Journal: INTERNATIONAL JOURNAL OF INDUSTRIAL ENGINEERING & PRODUCTION RESEARCH Year:2024 | Volume:35 | Issue:4 Page(s): 29-41

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Title

An Aggregated Newsvendor Model for Multi-Item Perishable Inventories with Uncertain Demand

Author(s)

Kurniawan Dwi | Nazhiifah Ulhaq Aghnia | Fadhilah Althofian Aditya | Nur Rachman Rubby | Issue Writer Certificate

Keywords

Probabilistic inventory system

uncertain demand

Newsvendor model

expected profit

Abstract

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.

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