COST-MINIMIZING INVENTORY CONTROL OF ITEMS HAVING A SPECIAL TYPE OF ERRATIC DEMAND PATTERN.
Abstract
The paper considers an item with a demand pattern characterized by Poisson occurrences of transactions whose sizes are geometrically distributed. Empirically it has been found that a significant number of inventoried items possess a demand pattern of this type. For a reorder-point (R), order-up-to level (M) system under continuous review and complete backordering a practical procedure is developed for determining the values of R and M as functions of three given parameters. (Author)
Document Details
- Document Type
- Technical Report
- Publication Date
- Mar 01, 1970
- Accession Number
- AD0703872
Entities
People
- Chung-mei Ho
- Edward A. Silver
- Robert L. Deemer