Inventory systems for goods with censored random lifetimes

David Perry; Wolfgang Stadje

doi:10.1016/s0167-6377(00)00020-1

Inventory systems for goods with censored random lifetimes

David Perry, Wolfgang Stadje

Department of Statistics

Research output: Contribution to journal › Article › peer-review

Abstract

We consider a Poisson inventory model for perishable goods in which the items have random lifetimes and are scrapped either when reaching the end of their lifetime or a fixed constant expiration age. The crucial process to describe this system is the virtual death process (W(t))_t≥0, where W(t) is the residual waiting time after time t until the next `death' of an item if there were no demand arrivals after t. We derive its stationary law in closed form and determine the distribution of the number of items in the system (also in steady state).

Original language	English
Pages (from-to)	21-27
Number of pages	7
Journal	Operations Research Letters
Volume	27
Issue number	1
DOIs	https://doi.org/10.1016/s0167-6377(00)00020-1
State	Published - Aug 2000

Bibliographical note

Funding Information:
This research was carried out while David Perry was a visiting professor at the University of Osnabrück. The support by the Deutsche Forschungsgemeinschaft is gratefully acknowledged.

ASJC Scopus subject areas

Software
Management Science and Operations Research
Industrial and Manufacturing Engineering
Applied Mathematics

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10.1016/s0167-6377(00)00020-1

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N2 - We consider a Poisson inventory model for perishable goods in which the items have random lifetimes and are scrapped either when reaching the end of their lifetime or a fixed constant expiration age. The crucial process to describe this system is the virtual death process (W(t))t≥0, where W(t) is the residual waiting time after time t until the next `death' of an item if there were no demand arrivals after t. We derive its stationary law in closed form and determine the distribution of the number of items in the system (also in steady state).

AB - We consider a Poisson inventory model for perishable goods in which the items have random lifetimes and are scrapped either when reaching the end of their lifetime or a fixed constant expiration age. The crucial process to describe this system is the virtual death process (W(t))t≥0, where W(t) is the residual waiting time after time t until the next `death' of an item if there were no demand arrivals after t. We derive its stationary law in closed form and determine the distribution of the number of items in the system (also in steady state).

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Inventory systems for goods with censored random lifetimes

Abstract

Bibliographical note

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