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Design and Analysis of an Optimal Inventory Model for Perishable Goods with Fixed Life Time

Published in Indian Society for Education and Environment
Volume: 9
Issue: 25
Background/Objectives: The main purpose of this paper is to plan and implement an optimum inventory model for the deteriorating things that minimizes the entire expected cost over a finite horizon. Methods/Statistical Analysis: The model presents a projected price operates for the inventory system with fixed life time. This paper accords with the hassle of ciphering optimum ordering policies for one item for successive intervals. Hyper geometric probability distribution is taken into consideration to examine the expected outdated cost. Findings: The optimum inventory model is solved analytically to review the impact of modification within the worth of the parameters. The solution methodology provided within the model helps the choice maker to enforce the first in first out policy by exposing customers to merchandise of a similar age. The results have been explained with numerical examples and graphical illustration. Applications/Improvements: First in First out issuing policy is designed to reveal the fact that it minimizes the expected outdates.
About the journal
JournalIndian Journal of Science and Technology
PublisherIndian Society for Education and Environment
Open AccessYes