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Title: The use of information for inventory decision in the healthcare industry
Authors: Chan, HL
Choi, TM 
Hui, CL 
Ng, SF 
Keywords: Efficient consumer response program
Inventory management
RFID system
Bar-coding system
Issue Date: 2013
Source: World academy of science, engineering and technology, 2013, v. 7, no. 3, p. 128-133 How to cite?
Journal: World academy of science, engineering and technology 
Abstract: In this study, we explore the use of information for inventory decision in the healthcare organization (HO). We consider the scenario when the HO can make use of the information collected from some correlated products to enhance its inventory planning. Motivated by our real world observations that HOs adopt RFID and bar-coding system for information collection purpose, we examine the effectiveness of these systems for inventory planning with Bayesian information updating. We derive the optimal ordering decision and study the issue of Pareto improvement in the supply chain. Our analysis demonstrates that RFID system will outperform the bar-coding system when the RFID system installation cost and the tag cost reduce to a level that is comparable with that of the barcoding system. We also show how an appropriately set wholesale pricing contract can achieve Pareto improvement in the HO supply chain.
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