Insurance Items Stockage Policies Test.
Abstract
In January 1970, a mathematically based procedure was developed for use in management of insurance items. The report covers the results of a test of this procedure. The proposed procedure was compared to current procedures at a representative inventory control point, using simulation. Actual demand history for all items classified insurance at the inventory control point as of July 31, 1970 was used as input to the simulation. Results show that the proposed method gives significantly better performance at less cost than current procedures. Results also indicate that two modifications of the proposed procedure improve results even further. The modifications relate to reduction in the size of the initial provisioning buy and to a change in the timing for recalculation of management decision parameters. (Author)
Document Details
- Document Type
- Technical Report
- Publication Date
- Nov 01, 1971
- Accession Number
- AD0732843
Entities
People
- Robert L. Deemer