Optimal design of a heuristic inventory model

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Title:	Optimal design of a heuristic inventory model
Authors:	Wu, Kun-shan;Yen, Hsiu-feng
Contributors:	淡江大學企業管理學系
Date:	2004-07-01
Issue Date:	2009-11-30 12:34:54 (UTC+8)
Publisher:	New Delhi: TARU Publications
Abstract:	This study proposes the stochastic inventory mathematical model for the continuous review inventory systems under simultaneously taking account to the controllable lead time and time value of money. In the model, the shortages are allowed and the total amount of stockout during the stockout period is considered to be a mixture of backorders and lost sales. In this paper, we consider the case of the lead time demand follows a normal distribution, and then use the DCF approach procedure to solve the optimal solution. We also develop an algorithm to obtain the optimal ordering strategy for each case (the lead time demand follows normal distribution or distribution free). Furthermore, for all models proposed in this paper, the effects of parameters are also included.
Relation:	Journal of Statistics & Management systems 7(2), pp.295-307
DOI:	10.1080/09720510.2004.10701122
Appears in Collections:	[Graduate Institute & Department of Business Administration] Journal Article

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