Stochastic analysis of a continuous review perishable inventory system with positive lead time and poisson demand

Article Abstract:

An analysis of an (s,S) policy-based continuous review inventory model of perishable goods is discussed. Specifically, the stationary distribution of the stochastic process characterizing the inventory level is examined under the assumptions of non-instantaneous lead time and constant durability. The results, which were used to derive the total expected cost rate for maintaining the (s,S) policy, underscores the complexity involved in determining 'an optimal ordering policy based on the remaining age of a lot and inventory level' or both.

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An approximation to the continuous review inventory model with perishable items and lead times

Article Abstract:

A continuous-review model for inventory control of perishable items is introduced. The model approximates the expected outdating, expected shortage quantity and expected inventory level to derive an optimal (Q.r) ordering policy under a positive order lead-time and a minimal total expected average cost per unit time. According to simulations done to validate the model, it yields 'reasonably accurate' approximations to the expected outdating of perishable goods.

Heuristic programming

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An inventory model for deteriorating items with stock-dependent demand rate

Article Abstract:

An inventory policy for items which deteriorate at a constant rate is introduced. The model, which is based on T.L. Urban's 1992 model, relaxes the condition of zero inventory at the end of the inventory cycle. It controls replenishment of the items by assuming an inventory-level-dependent demand pattern followed by a constant demand rate for the items. The sensitivity of its decision variables to modifications in the parameter values is likewise examined.

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