The Use of Versatile Distribution Families in Some Stochastic Inventory Calculations |
| |
Authors: | John F. Kottas Hon-Shiang Lau |
| |
Affiliation: | 1.College of William and Mary,U.S.A.;2.Washington State University,U.S.A. |
| |
Abstract: | Previous works on stochastic inventory problems have often assumed that an item's lead time demand follows a "convenient" distribution such as the normal, the γ or the Weibull. First, this paper argues that these convenient distributions may be overly restrictive and unrealistic, and points out the versatility and realism of using four-parameter distributions of the Pearson's and the Schmeiser-Deutsch's systems. Second, using these four-parameter distributions, this paper presents practical `manual" methods for computing the stock-out probability, reorder level and expected lost sales of an inventory item and for solving the lot-size reorder-point model. Some of these methods are actually simpler than the ones developed previously for the more restrictive distributions. |
| |
Keywords: | |
本文献已被 SpringerLink 等数据库收录! |
|