Document Type
Thesis
Date of Award
9-30-1983
Degree Name
Master of Science in Industrial Engineering - (M.S.)
Department
Industrial and Management Engineering
First Advisor
David W. Mo
Abstract
The objective of this thesis is to determine the optimal (s,S,T) ordering policy for a perishable inventory system with a fixed product lifetime and Poisson demand. The simulation technique is utilized to identify the optimal ordering policy which minimizes the total cost consisted of ordering, holding, shortage, and outdate costs. Upon the establishment of the optimal ordering policy, a discount policy on the outdating items is proposed to provide decision maker(s) with tradeoff between the profit and the average outdate cost.
The computer programs written in FORTRAN are designed to generate the optimal (s,S,T) ordering policy of any above-mentioned inventory system once the data of related costs are fed. Using the second program, the decision maker(s) can select his(their) favourable discount policy accordingly.
Recommended Citation
Chiu, Yuan-Shyi, "LIFO perishable inventory (s,S,T) model and its related discount policy" (1983). Theses. 3509.
https://digitalcommons.njit.edu/theses/3509
