Dynamic inventory targets revisited |
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Authors: | J A Buzacott |
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Institution: | 1.Schulich School of Business, York University,Canada |
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Abstract: | This paper is about periodic review inventory systems which are controlled by replenishing the inventory up to a target level which is set based on a demand forecast generated from past demands. It is shown that the replenishments will fluctuate more than final demand. Furthermore the effectiveness of a given safety stock is significantly reduced, indeed even with a very high target the maximum achievable service level can be quite limited. The paper is based on an actual spare parts inventory control system used in a domestic appliance company. |
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