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Keywords
(6)
Inventory Model
Lead Time
Normal Distribution
Renewal Theory
Economic Order Quantity
Independent Identically Distributed
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A Continuous Review Model for an Inventory System with Two Supply Modes
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The (r, Q) control of a periodicreview inventory system with continuous demand and lost sales
The (r, Q) control of a periodicreview inventory system with continuous demand and lost sales,Roger M. Hill
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The (r, Q) control of a periodicreview inventory system with continuous demand and lost sales
(
Citations: 8
)
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Roger M. Hill
In this paper we consider a periodic review
inventory model
with lost sales during a stockout and with the constraint that at most one replenishment order may be outstanding at any time. Demands in successive review periods are independent, identically distributed variables from a continuous distribution. The "xed
lead time
is an integral number of review periods. We explore control policies of the (r, Q) type } that is a replenishment order of size Q is placed when the inventory position (stock in hand plus stock on order) falls to or below the reorder level r. We use asymptotic
renewal theory
results to estimate the &undershoot' of the reorder level r and also to estimate the cycle stockholding cost (which turns out to take a relatively simple form). Based on these approximations we set out a policy improvement solution methodology and illustrate this with some numerical examples for which demand is normally distributed. These numerical examples suggest that a relatively simple approach, based on the economic order quantity, can provide results which are very close to optimal. ( 2000 Elsevier Science B.V. All rights reserved.
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Citation Context
(8)
...Johansen and Hill (
2000
) consider the (
r
,
s
,
q
) policy with lost sales under the assumption that at most one replenishment order may be outstanding...
Horst Tempelmeier
,
et al.
Approximation of the probability distribution of the customer waiting ...
...There exist many structural results and simple optimal policies for inventory management with infinite backordering, but relatively few exist for systems with lost sales, and these require strong assumptions (e.g., at most one order may be outstanding (Johansen and Thorstenson 1993, 1996; Moinzadeh and Nahmias 1988)) or approximations (Nahmias 1979, Cohen et al. 1988,
Johansen and Hill 2000
)...
Mor Armony
,
et al.
Sensitivity of Optimal Capacity to Customer Impatience in an Unobserva...
...There exist many structural results and simple optimal policies for inventory management with infinite backordering, but relatively few exist for systems with lost sales, and these require strong assumptions (e.g., at most one order may be outstanding (Johansen and Thorstenson 1993, 1996; Moinzadeh and Nahmias 1988)) or approximations (Nahmias 1979, Cohen et al. 1988,
Johansen and Hill 2000
)...
Mor Armony
,
et al.
Sensitivity of Optimal Capacity to Customer Impatience in an Unobserva...
...For systems in which at most one order may be outstanding, Johansen and Thorstenson (1993, 1996) both incorporate a fixed cost of placing an order for components, and prove that a continuous review �r� Q� policy is optimal;
Johansen and Hill (2000)
provide heuristics for a periodicreview system with a general continuous demand distribution and fixed cost of placing an order...
Erica L. Plambeck
,
et al.
Note: A Separation Principle for a Class of AssembletoOrder Systems ...
...Since, the inventory level remains unchanged during the shortage, formulation of the optimal control policy in a lost sales situation is more difficult than the equivalent backordering case (
Johansen and Hill, 2000
...
Bülent Sezen
.
Changes in performance under various lengths of review periods in a pe...
References
(7)
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(
Citations: 26
)
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Conference:
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, 1979
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(
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Published in 1970.
On the ( R, s, Q) inventory model when demand is modelled as a compound Bernoulli process
(
Citations: 13
)
F. B. S. L. P. Janssen
,
Ruud Heuts
,
Ton de Kok
Journal:
European Journal of Operational Research  EJOR
, vol. 104, no. 3, pp. 423436, 1998
Sort by:
Citations
(8)
Approximation of the probability distribution of the customer waiting time under an (r, s, q) inventory policy in discrete time
Horst Tempelmeier
,
Lars Fischer
Journal:
International Journal of Production Research  INT J PROD RES
, vol. 48, no. 21, pp. 62756291, 2010
Sensitivity of Optimal Capacity to Customer Impatience in an Unobservable M/M/S Queue (Why You Shouldn't Shout at the DMV)
(
Citations: 8
)
Mor Armony
,
Erica L. Plambeck
,
Sridhar Seshadri
Journal:
M&sommanufacturing & Service Operations Management
, vol. 11, no. 1, pp. 1932, 2009
Sensitivity of Optimal Capacity to Customer Impatience in an Unobservable M/M/S Queue (Why You Shouldn't Shout at the DMV)
(
Citations: 2
)
Mor Armony
,
Erica L. Plambeck
,
Sridhar Seshadri
Published in 2009.
Note: A Separation Principle for a Class of AssembletoOrder Systems with Expediting
(
Citations: 9
)
Erica L. Plambeck
,
Amy R. Ward
Journal:
Operations Research
, vol. 55, no. 3, pp. 603609, 2007
Changes in performance under various lengths of review periods in a periodic review inventory control system with lost sales : A simulation study
(
Citations: 2
)
Bülent Sezen
Journal:
International Journal of Physical Distribution & Logistics Management
, vol. 36, no. 5, pp. 360373, 2006