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Please use this identifier to cite or link to this item:
http://hdl.handle.net/1783.1/1210
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| Title: | A discrete-time model for perishable inventory systems |
| Authors: | Lian, Zhaotong
Neuts, Marcel F.
Liu, Liming |
| Keywords: | Inventory
Perishable
Phase type
Markov chain
Cost function |
| Issue Date: | 1996 |
| Citation: | International Conference on Management Science and the Economic Development of China, July 16-19, 1996, Hong Kong. Conference Proceedings vol 1, p. 340-348 |
| Abstract: | 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. |
| URI: | http://hdl.handle.net/1783.1/1210 |
| Appears in Collections: | IELM Conference Papers
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| managesci01.pdf | | 728Kb | Adobe PDF | View/Open |
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