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Optimum ordering policies for expensive slow moving items

โœ Scribed by S. Kalpakam; K.P. Sapna


Book ID
104350057
Publisher
Elsevier Science
Year
1998
Tongue
English
Weight
284 KB
Volume
11
Category
Article
ISSN
0893-9659

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โœฆ Synopsis


This paper deals with the concept of delayed placement of orders for high cost products subject to unit-sized renewal demands. The inventory system considered is one with arbitrary inter-demand distributions, constant leadtimes, and linear carrying costs, where leadtimes are small relative to average time between demands and holding costs are large relative to other inventory costs. Shortages are either met on an emergency basis at a premium cost or lost. Expressions for the optimal delay are given for inter-demand distributions having increasing or decreasing renewal densities.


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