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Home  >  Transactions of NAMP VOL.9

13. IMPLEMENTING FRIES MODEL FOR THE FIXED LIFETIME INVENTORY SYSTEM by Izevbizua O. and Igbinosun L. Volume 9, (March and May, 2019)
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IMPLEMENTING FRIES MODEL FOR THE FIXED LIFETIME INVENTORY SYSTEM

Izevbizua O. and 2Igbinosun L.

Department of Mathematics, University of Benin and 2Department of Mathematics,

University of Uyo.

Abstract

Many methods have being used for finding optimal ordering policy for the

fixed lifetime inventory system. The dynamic programming approach is one of

such methods. Hitherto, the claim is that the approach is not applicable to

systems with lifetime greater than two periods. In this work, we used a total cost

function in the literature to derive the equations for the ordered quantity in

each period, for a products with lifetime greater than two periods.

MATHEMATICA 8 was used to solve the equations.

Keywords: inventory, dynamic programming, fixed lifetime, useful lifetime, ordering policy.

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