A Table for Determining the Probability of a Stock out and Potential Lost Sales for a Gamma Distributed Demand |
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Authors: | T A Burgin J M Norman |
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Institution: | 1.Dunlop Ltd.,;2.University of Lancaster, |
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Abstract: | A table is given for determining the probability of a stock out and potential lost sales for a gamma distribution of demand. In addition to general applicability it is shown that the table enables a fundamental equation in inventory theory associated with the problem of minimizing the total cost of holding stock to be solved approximately. |
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