Replenishment Policy for Items Having a Fixed Shelf Life under Permissible Delay and Variable Lead Time

摘要

All organizations whether manufacturing or service have to keep inventory for smooth running of their business processes. This study is devoted to the items like medicines, cosmetics which are having a fixed shelf life, i.e. they will be of no use after some prescribed time. This model also considers the permissible delay which means that the buyer can pay for goods after some fixed time and has to pay interest after that fixed time. The demand considered here is fixed constant demand. The lead time varies as per the availability of the product and follows normal distribution.