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An inventory problem with obsolescence

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  • William P. Pierskalla

Abstract

A stochastic single product convex cost inventory problem is considered in which there is a probability, πj, that the product will become obsolete in the future period j. In an interesting paper, Barankin and Denny essentially formulate the model, but do not describe some of its interesting and relevant ramifications. This paper is written not only to bring out some of these ramifications, but also to describe some computational results using this model. The computational results show that if obsolescence is a distinct possibility in the near future, it is quite important that the probabilities of obsolescence be incorporated into the model before computing the optimal policies.

Suggested Citation

  • William P. Pierskalla, 1969. "An inventory problem with obsolescence," Naval Research Logistics Quarterly, John Wiley & Sons, vol. 16(2), pages 217-228, June.
    • Handle: RePEc:wly:navlog:v:16:y:1969:i:2:p:217-228
    DOI: 10.1002/nav.3800160206
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    Cited by:

    1. Israel David & Eitan Greenshtein & Avraham Mehrez, 1997. "A dynamic‐programming approach to continuous‐review obsolescent inventory problems," Naval Research Logistics (NRL), John Wiley & Sons, vol. 44(8), pages 757-774, December.
    2. 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.

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