Dual-Commodity Perishable Inventory Model with Random Common Lifetimes and Combined Reordering Strategy for Responsible Consumption and Production (SDG-12)

This study aims to optimize a dual-commodity perishable inventory model to minimize waste and enhance resource efficiency, in accordance with SDG-12, the Sustainable Development Goal that promotes responsible production and consumption. We tackle the issues of demand unpredictability and perishability by establishing a joint ordering procedure and modeling perishable goods with random common lifetimes, therefore decreasing inventory losses and promoting sustainability. The system utilizes a stochastic ( = 1, 2 policy to manage the inventories of two goods, ensuring precise order adjustments to avoid overstocking and stockouts. Arrival instants of demands are in accord to Poisson processes with a rate of λ. The random common lifetimes of commodities 1 and 2 are independent exponential distributions, while the time between consecutive inventory replenishments is assumed to be independently distributed exponential random variables. By looking at lead time and common lifetime factors, we find the best control strategies that lower costs while also encouraging the efficient use of resources and the reduction of waste. This encourages sustainable inventory management practices, a focus of SDG-12.