March 2022

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

A New Ordering Policy for the Fixed Lifetime Inventory System

Izevbizua O and Apanapudor J .S

ABSTRACT: The fixed-lifetime inventory system is one of the most critical aspects of operations management. This is because of the effect of outdating on products when not used to meet demand during their useful lifetime in inventory. Over the years, fixed lifetime inventory models have based the decision to reorder on the quantity of products on hand rather than the age of items on hand at the point of reordering. In this work, we propose a new fixed lifetime inventory model where the decision to reorder is based on the number of useful life remaining on the products rather than just the quantity of products on hand. In addition, the model assumes lost sales.

[ FULL TEXT PDF 1-7 ] DOI: 10.22587/ajbas.2022.16.3.1


--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------