African Journal of
Mathematics and Computer Science Research

  • Abbreviation: Afr. J. Math. Comput. Sci. Res.
  • Language: English
  • ISSN: 2006-9731
  • DOI: 10.5897/AJMCSR
  • Start Year: 2008
  • Published Articles: 245

Full Length Research Paper

Total revenue function for non-regular fixed lifetime inventory system

Izevbizua O.
  • Izevbizua O.
  • Department of Mathematics, Faculty of Physical Sciences, University of Benin, Edo State, Nigeria.
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Apanapudor J. S.
  • Apanapudor J. S.
  • Department of Mathematics, Faculty of Physical Sciences, University of Benin, Edo State, Nigeria.
  • Google Scholar


  •  Received: 11 September 2019
  •  Accepted: 08 October 2019
  •  Published: 30 November 2019

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The fixed lifetime inventory system assumes that outdated items are discarded from inventory.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 The non-regular fixed lifetime inventory system assumes that outdated items are not discarded from inventory.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.