| Tekijä: | Platt, D. E. Robinson, L. W. Freund, R. B. |
| Otsikko: | Tractable (Q, R) heuristic models for constrained service levels. |
| Lehti: | Management Science
1997 : JUL, VOL. 43:7, p. 951-965 |
| Asiasana: | INVENTORY CONTROL QUALITY ECONOMETRIC MODELS SERVICE STOCHASTIC PROCESSES |
| Kieli: | eng |
| Tiivistelmä: | The fill rate (the proportion of demand that is satisfied from stock) is a viable alternative in inventory models to the hard-to-quantity penalty cost. However numerous difficulties have impeded its implementation, among them that the existing cycle-based approximate solutions do not reflect the possibility of multiple outstanding orders and that the optimal policy cannot be found directly, but must be iteratively calculated. The study shows that for a large family of leadtime demand distributions, the optimal policy depends on only two parameters: the fill rate and the economic order quantity (OQ) scaled by the standard deviation of demand over the constant leadtime. The authors also find that, among the set of simple heuristics, the limitform as EOQ goes to positive infinity provides a better alternative to simply setting Q equal to the EOQ. |
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