An inventory model for randomly perishing goods
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In this study, we consider an (s, S) ordering policy with backordering for a continuous review inventory system, where the items have a random shelflife. Assuming zero lead time and no decay until the shelflife, we derive the exact expressions for both unit and random batch demand cases with renewal demand arrivals. We present some analytical results on the cost rate function for unit demand case. A detailed numerical analysis is also provided to investigate the performance of the model which incorporates the random shelflife and comparisons with flxed shelflife are given.
HD40 .Y85 2000
Inventory policy--Mathematical models.
Inventory control--Mathematical models.