Indian Journal of Science and Technology

Abstract

Background/Objectives: The main purpose of this paper is to plan and implement an optimum inventory model for the deteriorating things that minimizes the entire expected cost over a finite horizon. Methods/Statistical Analysis: The model presents a projected price operates for the inventory system with fixed life time. This paper accords with the hassle of ciphering optimum ordering policies for one item for successive intervals. Hyper geometric probability distribution is taken into consideration to examine the expected outdated cost. Findings: The optimum inventory model is solved analytically to review the impact of modification within the worth of the parameters. The solution methodology provided within the model helps the choice maker to enforce the first in first out policy by exposing customers to merchandise of a similar age. The results have been explained with numerical examples and graphical illustration. Applications/Improvements: First in First out issuing policy is designed to reveal the fact that it minimizes the expected outdates.
Keywords: Fixed Lifetime, Inventory, Lead Time, Optimal, Perishable