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The Lead Time and Inventory Control Problem
M. N. Cawdery
Operational Research Quarterly (1970-1977)
Vol. 27, No. 4, Part 2 (1976), pp. 971-982
Stable URL: http://www.jstor.org/stable/3009109
Page Count: 12
You can always find the topics here!Topics: Cost efficiency, Demand, Inventory control, Implicit costs, Cost control, Approximation, Economic costs, Minimization of cost, Statistical variance, Average cost
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This paper gives a treatment of the stochastic lead time problem, showing that many of the results are analogous to situations in queueing theory. It is shown that the lead time consumption can be correlated with the E.O.Q. and the case of sporadic consumption is also considered. A continuous review S, Q inventory control policy is derived treating the stochastic nature of the lead time consumption within an approximation. From the total cost equation derived, several interesting results are obtained.
Operational Research Quarterly (1970-1977) © 1976 Operational Research Society