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A (Q,R) inventory model with lost sales and erlang-distributed lead times

✍ Scribed by David J. Buchanan; Robert F. Love

Publisher
John Wiley and Sons
Year
1985
Tongue
English
Weight
339 KB
Volume
32
Category
Article
ISSN
0894-069X

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✦ Synopsis

The exact expression is derived for the average stationary cost of a (Q,R) inventory system with lost sales, unit Poisson demands, Erlang-distributed lead times, fixed order cost, fixed cost per unit lost sale, linear holding cost per unit time, and a maximum of one order outstanding. Explicit expressions for the state probabilities and a fast method of calculating them are obtained for the case of Q greater than R . Exponential lead times are analyzed as a special case. A simple cyclic coordinate search procedure is used to locate the minimum cost policy. Examples of the effect of lead time variability on costs are given.

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