Operating Characteristic Approximations for the Analysis of (s,S) Inventory Systems.
Abstract
The operating characteristics of (s,S) inventory systems are often difficult to compute, making sensitivity analysis a tedious and often expensive undertaking. Approximate expressions for operating characteristics are presented with a view towards simplified sensitivity analysis. The operating characteristics under consideration are the expected values of: Total cost per period, period-end inventory, period-end stockout quantity, replenishment cost per period, and backlog frequency. The approximations are obtained by using least-squares regression to fit simple functions to the operating characteristics of a large number of parameter settings. Accuracy to within a few percent of actual values is typical for most of the approximations. Potential uses of the approximations are illustrated for several idealized design problems. (Author)
Document Details
- Document Type
- Technical Report
- Publication Date
- Apr 01, 1977
- Accession Number
- ADA050141
Entities
People
- Richard Ehrhardt
Organizations
- University of North Carolina at Chapel Hill