Decision on Retention of Excess Stock

C. Mohan and R. C. Garg
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C. Mohan: Naval Research Group, Defence Science Laboratory, Delhi, India
R. C. Garg: Naval Research Group, Defence Science Laboratory, Delhi, India

Operations Research, 1961, vol. 9, issue 4, 496-499

Abstract: Simpson derived a formula for making decisions on the retention of excess stock having a constant probability of obsolescence and deterioration. The general problem of determining an economic retention period for excess stocks, when the shelf-life of the material follows some general probability distribution, is considered in this paper. A particular case in which the shelf-life follows the exponential distribution is derived. It is indicated that the relevant equation can be solved by a trial-and-error method even for the most general case with the help of truncated distribution of shelf-life.

Date: 1961
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