Optimal Stock Depletion Policies with Stochastic Lives

S. Christian Albright
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S. Christian Albright: Indiana University

Management Science, 1976, vol. 22, issue 8, 852-857

Abstract: This paper deals with the optimal issuing sequence of units, say batteries, from storage to the field when field lives are stochastic. Several appealing forms of the field life survival probability F\bar (y|x) are given when the battery has been on the shelf a length of time x. These forms are used to investigate the optimally of LIFO (issue youngest) or FIFO (issue oldest) policies in two basic models. These models correspond to issuing batteries either according to a possibly random schedule (the independent case) or one after another as the successive batteries fail (the dependent case).

Date: 1976
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:22:y:1976:i:8:p:852-857

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