Full Length Research Paper
Abstract
The fixed lifetime inventory system assumes that outdated items are discarded from inventory. Such inventory system is here referred to as regular inventory system. The non-regular fixed lifetime inventory system assumes that outdated items are not discarded from inventory. The features of both the regular and non-regular inventory systems are compared in this work and the total revenue function for the non-regular fixed lifetime inventory system is derived.
Key words: Regular, inventory, revenue, outdate, discarded.
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