Methods for Determining the Re-order Point of an (<Emphasis Type="Italic">s</Emphasis>, <Emphasis Type="Italic">S</Emphasis>) Ordering Policy when a Service Level is Specified |
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Authors: | Helmut Schneider |
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Institution: | 1.Freie Universit?t Berlin, FB 10. Fachrichtung Operations Research, 1 Berlin 33, Thielallee 66, |
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Abstract: | This paper deals with a periodic review inventory system. Methods are discussed for determining the re-order point s of an (s, S) order policy, when a certain service level is required. The results differ from those presented for a (Q, s) model which is usually considered in literature and implemented in practice. Methods are discussed for determining the re-order point of an (s, S) policy when demand is normal or gamma distributed. A numerical investigation demonstrates the applicability of the described methods. In particular, it is shown that these methods are superior to a formula that is implemented in many inventory control systems. |
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