TY - JOUR
T1 - Critical number ordering policy for LIFO perishable inventory systems
AU - Cohen, Morris A.
AU - Prastacos, Gregory P.
PY - 1981
Y1 - 1981
N2 - This paper considers a stochastic perishable product inventory system characterized by LIFO (Last-In-First-Out) issuing, critical number ordering and a two-period lifetime. Exact and approximate closed form expressions for expected outdates are derived. The approximation, which is straightforward to compute, is shown to be accurate over a wide range of model parameters. The paper concludes by comparing optimal policies and expected costs in the LIFO system with the corresponding policies and costs in a system controlled by FIFO (First-In-First-Out) issuing.
AB - This paper considers a stochastic perishable product inventory system characterized by LIFO (Last-In-First-Out) issuing, critical number ordering and a two-period lifetime. Exact and approximate closed form expressions for expected outdates are derived. The approximation, which is straightforward to compute, is shown to be accurate over a wide range of model parameters. The paper concludes by comparing optimal policies and expected costs in the LIFO system with the corresponding policies and costs in a system controlled by FIFO (First-In-First-Out) issuing.
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U2 - 10.1016/0305-0548(81)90007-1
DO - 10.1016/0305-0548(81)90007-1
M3 - Article
AN - SCOPUS:0019665840
SN - 0305-0548
VL - 8
SP - 185
EP - 195
JO - Computers and Operations Research
JF - Computers and Operations Research
IS - 3
ER -