On the Evaluation of a Class of Inventory Policies for Perishable Products Such as Blood

Eric Brodheim, Cyrus Derman and Gregory Prastacos
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Eric Brodheim: The New York Blood Center
Cyrus Derman: The New York Blood Center, Columbia University
Gregory Prastacos: The New York Blood Center

Management Science, 1975, vol. 21, issue 11, 1320-1325

Abstract: A class of inventory and distribution policies for scheduled deliveries of perishable products subject to variable demand is modeled as a Markov chain with a manageable number of states. From its stationary distribution, such measures as probability of shortage, the average age of the inventory, and the average number discarded per time period are obtained. Easily computable bounds on these measures that indicate how they behave as functions of demand, and inventory policy parameters are developed.

Date: 1975
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:21:y:1975:i:11:p:1320-1325

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