Abstract
Decay differs fundamentally from fixed life perishability. Decay means that the amount of loss due to outdating is a function of the amount of on hand inventory. The most common case is exponential decay, which means that a fixed fraction of the inventory is lost each unit of time. Decay has been studied in both continuous review and periodic review settings.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Cohen MA (1977) Joint pricing and ordering policy for exponentially decaying inventory with known demand. Naval Research Logistics Quarterly 24:257–268
Covert RP, Philip GC (1973) An EOQ model for items with weibull distribution deterioration. AIIE Transactions 5:323–326
Emmons H (1968) A replenishment model for radioactive nuclide generators. Management Science 11:263–273
Ghare PM, Schrader GF (1963) A model for an exponentially decaying inventory. The Journal of Industrial Engineering 14:238–243
Goyal SK, Giri BC (2001) Recent trends in modeling of deteriorating inventory. European Journal of Operational Research 134:1–16
Hadley GJ, Whitin TM (1963) Analysis of inventory systems. Prentice Hall, Englewood Cliffs
Kalpakam S, Sapna KP (1996) A lost sales (s − 1, s) inventory system with renewal demand. Naval Research Logistics 43:129–142
Nahmias S (1975b) A comparison of alternative approximations for ordering perishable inventory. INFOR 13:175–184
Nahmias S, Wang SS (1979) A heuristic lot size reorder point model for decaying inventories. Management Science 25:90–97
Raafat F (1991) Survey of literature on continuously deteriorating inventory models. Journal of the Operational Research Society 42:27–37
Author information
Authors and Affiliations
Corresponding author
Rights and permissions
Copyright information
© 2011 Springer Science+Business Media, LLC
About this chapter
Cite this chapter
Nahmias, S. (2011). Decaying Inventories. In: Perishable Inventory Systems. International Series in Operations Research & Management Science, vol 160. Springer, Boston, MA. https://doi.org/10.1007/978-1-4419-7999-5_8
Download citation
DOI: https://doi.org/10.1007/978-1-4419-7999-5_8
Published:
Publisher Name: Springer, Boston, MA
Print ISBN: 978-1-4419-7998-8
Online ISBN: 978-1-4419-7999-5
eBook Packages: Business and EconomicsBusiness and Management (R0)