Optimal ordering policy for a perishable commodity with fixed lifetime

Optimal ordering policy for a perishable commodity with fixed lifetime

This paper extends the classical single-item, multiperiod inventory model of A RROW , K ARLIN , and S CARF to the case where a good in storage perishes exactly l periods after its receipt on order. Units are followed from the time they are purchased and enter the inventory until they are either issu...

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Veröffentlicht in:Operations research 1975-01, Vol.23 (1), p.46-61
1. Verfasser: Fries, B.E
Format: Artikel
Sprache:eng
Schlagworte:
Age distribution
Agricultural management
Business orders
Commodities
Cost structure
foods
Inventories
Inventory management
Operations research
Optimal policy
Orders
Perishable goods
Perishables
Policy
Procurement
Unit costs
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Beschreibung
Zusammenfassung:This paper extends the classical single-item, multiperiod inventory model of A RROW , K ARLIN , and S CARF to the case where a good in storage perishes exactly l periods after its receipt on order. Units are followed from the time they are purchased and enter the inventory until they are either issued or perish. For general l the paper obtains the optimal policy recursively and derives several properties of the solution.
ISSN:0030-364X
1526-5463
DOI:10.1287/opre.23.1.46