Inventory Depletion Management

Cyrus Derman and Morton Klein
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Cyrus Derman: Columbia University
Morton Klein: Columbia University

Management Science, 1958, vol. 4, issue 4, 450-456

Abstract: Consideration is given to problems of choosing the order of issue of items from a stockpile of material whose utility characteristics are changing with time. Conditions are given under which either LIFO (last in, first out) or FIFO (first in, first out) is an optimal issue policy.

Date: 1958
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