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Optimal Inventory Depletion Policies

Author

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  • Earl E. Bomberger

    (The Budd Company, Philadelphia)

Abstract

Consider a stockpile of items whose field life is a non-negative function of the age of the item upon being issued. Assume that only one item is in use at a time and that a demand occurs only when the item in use is completely exhausted. Six theorems are given which extend the class of field life functions such that either LIFO or FIFO are optimal issue policies.

Suggested Citation

  • Earl E. Bomberger, 1961. "Optimal Inventory Depletion Policies," Management Science, INFORMS, vol. 7(3), pages 294-303, April.
    • Handle: RePEc:inm:ormnsc:v:7:y:1961:i:3:p:294-303
    DOI: 10.1287/mnsc.7.3.294
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