Abstract

FIXED LIFETIME INVENTORY SYSTEM WITH TWO ORDERS AND STOCHASTIC DEMAND.

Izevbizua. O and Apanapudor. S.J

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Abstract. Attempts to reduce the amount of items outdating from the fixed lifetime inventory system has lead to an increase in the shortages in the system. To address this issue of shortages, we introduce the two order model, derive the total cost function of the model and gave numerical example using a product whose lifetime is four periods. Key words: inventory, outdates, shortages, system, policy.

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