Effective management of perishable inventory systems is often strewn with challenges, especially when a strong trade-off relationship exists between shortage and wastage of perishables: A smaller inventory increases the chance to lose sales (leading to higher expected shortage cost), while a...

The exact analysis of optimal ordering policies for periodic-review perishable inventory systems is challenging because of their high-dimensional state space arising from multiple interrelated ordering decisions over many periods and age distributions of on-hand products. We develop a new...