Abstract

THE FLEXIBILITY OF THE USEFUL LIFETIME BASED FIXED LIFE INVENTORY MODEL

Izevbizua, O and Emunefe, O. J.

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The ordering policies for a fixed lifetime inventory system is a policy statement which determine when to order and how much to order. Over the years the decision to order was based on the quantity of items on hand at the time of placing the order. Recently, ordering policies based on the number of useful lifetime remaining on the items on hand, were developed. In this work, we examine the flexibility of the ordering polices based on the number of useful lifetime remaining on the items on hand and give some advantages it hold over the quantity based policies. Keywords: Quantity, ordering, policy, flexibility, period.

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