A discrete-time model for perishable inventory systems
Neuts, Marcel F.
|Source||International Conference on Management Science and the Economic Development of China, Hong Kong. Conference Proceedings, v.1, 16-19 July 1996, p. 340-348|
|Summary||In this paper we consider a discrete-time (s, S) model for perishable inventory in which the stored items have a common lifetime with a discrete phase-type distribution. We assume that demands arrive in batches following a discrete PH-renewal process, the lead time is zero and shortages are permitted. By constructing a multi-dimensional Markov chain, we obtain closed form solutions for the steady state probability distribution of the inventory level and for other system performance measures. We then construct a closed form expected cost function. We also discuss a special case in which the common lifetime is a constant and provide a numerical example.|
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