PROBABILISTIC FIXED LIFETIME INVENTORY MODEL FOR CONTINUOUS DEMAND RATE.
ENAGBONMA, O. AND OBAHIAGBON, K.O.
ABSTRACT
This paper deals with the development of expected cost model in a fixed lifetime inventory system. In this type of inventory, items in stock are expected to be used before the expiring date. The system consists of an age-wise profile of items (state space). The size of the space is directly proportional to the life of the items. Consequently, the inventory management is faced with lots of challenges otherwise item will be outdated, additional cost such as holding cost, shortage cost and ordering cost will be incurred. Optimal..