A lost sales (S-1,s) perishable inventory system with renewal demand

A lost sales (S-1,s) perishable inventory system with renewal demand

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Article ID: iaor19961111
Country: United States
Volume: 43
Issue: 1
Start Page Number: 129
End Page Number: 142
Publication Date: Feb 1996
Journal: Naval Research Logistics
Authors: ,
Keywords: markov processes
Abstract:

This article analyzes a one-to-one ordering perishable inventory model with renewal demands and exponential lifetimes. The leadtimes are independently and exponentially distributed and the demands that occur during stock out periods are lost. Although the items are assumed to decay at a constant rate, the output process is not renewal and the Markov renewal techniques are successfully employed to obtain the operating characteristics. The problem of minimizing the long run expected cost rate is discussed and numerical values of optimal stock level are also provided.

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