✦ LIBER ✦

Safety stocks and the order quantity that leads to the minimal stock

✍ Scribed by B. van der Veen

Book ID: 104339159
Publisher: Elsevier Science
Year: 1986
Tongue: English
Weight: 614 KB
Volume: 27
Category: Article
ISSN: 0377-2217
DOI: 10.1016/s0377-2217(86)80005-4

No coin nor oath required. For personal study only.

✦ Synopsis

In this sequel to earlier papers, attention has been paid to the out of stock probability a. For practical applications a flow diagram is given as a resum6 of the different approaches that cover the whole range n = (/t/o) 2 >/0.25, where/t and a are the expected value and the standard deviation of the demand in the lead time.

As the physical stock is a convex function of the order quantity Q, that value of Q is determined by which the stock is minimal. A simple approximation leads to an optimal Q that is only a function of n and o. This theoretical approach is very practical, because 'high inventories' is a main problem in industry.

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