1. A method for managing inventory freshness, comprising: receiving inventory status associated with a product having freshness shelf-life, the inventory status including inventory of the product classified into age classification; receiving stochastic demand forecast associated with the product, the stochastic demand forecast including sales forecast and associated variance for each of the age classification of the product; receiving cost information associated with the product, the cost information including a wholesale cost, a retail sale price, a salvage price and a holding cost associated with the product; maximizing, by a processor, a stochastic dynamic programming formulation that takes as input the inventory status, the stochastic demand forecast and the cost information; and determining order quantity and depletion quantity of the product per period based on said maximizing of the stochastic dynamic programming formulation.