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Optimal Stock Depletion Policies with Stochastic Lives

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  • S. Christian Albright

    (Indiana University)

Abstract

This paper deals with the optimal issuing sequence of units, say batteries, from storage to the field when field lives are stochastic. Several appealing forms of the field life survival probability F\bar (y|x) are given when the battery has been on the shelf a length of time x. These forms are used to investigate the optimally of LIFO (issue youngest) or FIFO (issue oldest) policies in two basic models. These models correspond to issuing batteries either according to a possibly random schedule (the independent case) or one after another as the successive batteries fail (the dependent case).

Suggested Citation

  • S. Christian Albright, 1976. "Optimal Stock Depletion Policies with Stochastic Lives," Management Science, INFORMS, vol. 22(8), pages 852-857, April.
    • Handle: RePEc:inm:ormnsc:v:22:y:1976:i:8:p:852-857
    DOI: 10.1287/mnsc.22.8.852
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    Cited by:

    1. Rosenfield, Donald B., 1947-, 1985. "Salvaging of excess inventory," Working papers 1660-85., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    2. Matthew J. Sobel & Rachel Q. Zhang, 2001. "Inventory Policies for Systems with Stochastic and Deterministic Demand," Operations Research, INFORMS, vol. 49(1), pages 157-162, February.

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