Abstract
A continuous review (8, S) inventory system in which items are removed from stock one at a time either due to random demand or random failure of item is considered. It is assumed that demands for items occur in Poisson manner and life time of any item is negative exponential. Assuming instantaneous delivery of orders, the steady state proba¬bility distributions of the stock level and mean time between successive reorders are de¬rived: The optimum decision rules in the long run are also given, The results are illustrated numerically
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