Implementing fries model for the fixed lifetime inventory system

O. Izevbizua () and J. S. Apanapudor
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O. Izevbizua: University of Benin
J. S. Apanapudor: Delta State University

OPSEARCH, 2020, vol. 57, issue 2, No 7, 376-390

Abstract: Abstract Many methods have being used for finding optimal ordering policy for the fixed lifetime inventory system. The dynamic programming approach is one of such methods. Hitherto, the claim is that the approach is not applicable to systems with lifetime greater than two periods. In this work, we used a total cost function in the literature to derive the equations for the ordered quantity in each period, for a products with lifetime greater than two periods. MATHEMATICA 8 was used to solve the equations.

Keywords: Inventory; Dynamic programming; Fixed lifetime; Useful lifetime; Ordering policy (search for similar items in EconPapers)
Date: 2020
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DOI: 10.1007/s12597-019-00403-1

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