Abstract

A REVIEW OF ORDERING POLICIES FOR THE FIXED LIFETIME INVENTORY SYSTEM

Izevbizua, O and T . B . Batubo

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The ordering policy adopted by any inventory manager play a major role in the success of the inventory system. The ordering policy which determine what to order (quantity to order) and when to order (time to order) has over the years been based on the quantity of on hand inventory or the number of useful lifetime remaining on the items in inventory. In this work, we review some ordering policies for fixed lifetime inventories over the last three decades. Keywords: ordering, policy, inventory, order, outdates, shortages.

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