Reorder quantities for (Q,R) inventory models |
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Authors: | B C Vasconcelos M P Marques |
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Affiliation: | 1.University of Porto,Portugal |
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Abstract: | The reorder level R and the reorder quantity Q are the parameters to be decided in a continuous review inventory policy. Their optimal values can be approached through iterative methods, but these are tedious and inconvenient for control routines. A frequent practice is to set Q as the economic reorder quantity and compute R accordingly. Yet this practice may introduce a substantial cost penalty. The paper re-arranges conventional theoretical expressions in order to facilitate the use of numerical approximations to help find a quasi-optimal solution. This approach is then applied to Gamma distributed demands showing that computations are straightforward. |
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