“…Since the assumption of actual aging makes analytical models intractable (see Ravichandran, 1995), we use simulation as a tool for an analysis. Simulation models (Rabinowitz, ; Vrat and Khan, ; Cohen and Pierskalla, ; Haijema et al., , ; van Dijk et al., ; Katsaliaki et al., ; Mustafee et al., ; Lowalekar and Ravichandran, , ; Katsaliaki and Mustafee, ) have been immensely used in blood banking to test the effects of various system variables and policies on the overall performance of a blood bank. Even though simulation studies suffer from the problem of lack of generalizability of results (Cohen and Pierskalla, 1979), they can incorporate complexities of a real‐life situation such as blood banks (e.g., multiple blood groups, intergroup substitutability, componentizing, cross‐matching, inter‐blood bank transfers, etc.…”