IDEAS home Printed from https://ideas.repec.org/a/inm/ormnsc/v7y1961i2p179-183.html
   My bibliography  Save this article

An Optimal Final Inventory Model

Author

Listed:
  • G. Hadley

    (University of Chicago and University of California, Berkeley)

  • T. M. Whitin

    (University of Chicago and University of California, Berkeley)

Abstract

A model is developed which allows the determination of the optimal inventory level for an item at any time if no additional procurements are to be made. It is assumed that the item has a known date of obsolescence and that the demand is Poisson distributed with a fixed mean over the useful life of the tem. The model constitutes an extension of other life-of-type models in that both costs which are incurred at a fixed point in time (liquidation losses) and other costs which are a function of time (carrying charges and stock-out costs) are included. In many operational situations both of these types of costs are relevant.

Suggested Citation

  • G. Hadley & T. M. Whitin, 1961. "An Optimal Final Inventory Model," Management Science, INFORMS, vol. 7(2), pages 179-183, January.
    • Handle: RePEc:inm:ormnsc:v:7:y:1961:i:2:p:179-183
    DOI: 10.1287/mnsc.7.2.179
    as

    Download full text from publisher

    File URL: http://dx.doi.org/10.1287/mnsc.7.2.179
    Download Restriction: no
    File URL: https://libkey.io/10.1287/mnsc.7.2.179?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. James T. Treharne & Charles R. Sox, 2002. "Adaptive Inventory Control for Nonstationary Demand and Partial Information," Management Science, INFORMS, vol. 48(5), pages 607-624, May.
    2. Hur, Mansik & Keskin, Burcu B. & Schmidt, Charles P., 2018. "End-of-life inventory control of aircraft spare parts under performance based logistics," International Journal of Production Economics, Elsevier, vol. 204(C), pages 186-203.
    3. Rachel Lacroix & Anna Timonina-Farkas & Ralf W. Seifert, 2023. "Utilizing additive manufacturing and mass customization under capacity constraints," Journal of Intelligent Manufacturing, Springer, vol. 34(1), pages 281-301, January.
    4. Jochen Schlapp & Moritz Fleischmann & Danja Sonntag, 2022. "Inventory timing: How to serve a stochastic season," Production and Operations Management, Production and Operations Management Society, vol. 31(7), pages 2891-2906, July.
    5. P. Majumder & U. K. Bera & M. Maiti, 2020. "An EPQ model of substitutable products under trade credit policy with stock dependent and random substitution," OPSEARCH, Springer;Operational Research Society of India, vol. 57(4), pages 1205-1243, December.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:inm:ormnsc:v:7:y:1961:i:2:p:179-183. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Asher (email available below). General contact details of provider: https://edirc.repec.org/data/inforea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.