Inventory Management Of Aquatic Products For Catering Trade Enterprise

With the increasing economic development of Society and the improvement of the living level, the demand of catering trade has been raising and developing in a high speed. As a result, the total investment in catering trade has been augmenting, as well as the severe competition for the market. Therefore, it is essential to enhance the functionality of the supply chain during the management of the enterprise, where inventory management identifies itself as a pivot among the supply chain. The decision-makers are always trying to find an optimal solution of the inventory to get a more cost-effective investment. The present paper studies how to make a better strategy for the inventory management of fresh aquatic products, which are one of the most important raw materials in the catering enterprise.This paper starts by discussing the background of the research, the current situation of such kind of study over the world, and the purpose of this research. Then, an inventory theory is used to analyze the characteristics of inventory management of the aquatic products. Two examples, deep sea lobster and fresh crab, are selected to demonstrate the analysis. The properties of non-seasonal and seasonal aquatic products are obtained by studying the historic data of the sales. Then, the distribution functions of the demand of these two different items are generated by interpolating these historic data. After that, models for the inventory management are built, solved by using three methods, which are Newsboy Model (order every day), Newsboy Model (cycle of the quality guarantee period), and Economic Order Quantity (EOQ). Optimal inventory levels calculated from these methods are verified and compared based on historic sales data. Finally the solution got from the Newsboy Model with a daily order is approved to be the optimal solution.At the end of this paper, a conclusion is drawn, and the future work of the research is discussed.