A single product perishable inventory system with compulsory waiting period for reordering and with stochastic lead-time

Venkata S.S. Yadavalli and S. Udayabaskaran

European Journal of Industrial Engineering, 2018, vol. 12, issue 5, 682-707

Abstract: A continuous review of single product perishable stochastic inventory system is considered in which a reorder can be placed only after the expiry of a compulsory waiting period (CWP) even if the inventory position of the system demands an earlier placement of a reorder. There is a stochastic lead-time for replenishment. The steady-state probability distribution for the inventory level is explicitly found. Performance measures such as stationary mean number of replenishment, mean number of demand satisfied and mean number of demand lost are explicitly found. A numerical illustration is provided to highlight the behaviour of performance measures of the model. [Received 28 July 2017; Revised 10 January 2018; Accepted 13 April 2018]

Keywords: stochastic inventory system; perishable item; reorder; compulsory waiting period; CWP; lead-time. (search for similar items in EconPapers)
Date: 2018
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