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Sensitivity analysis of productive inventories under modeling errors

โœ Scribed by M.S. Mahmoud; M.A. Younis

Publisher
Elsevier Science
Year
1990
Tongue
English
Weight
645 KB
Volume
13
Category
Article
ISSN
0895-7177

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โœฆ Synopsis

In this paper, the optimal policy of fixed order size inventory systems is reexamined when cost parameters and demand level forecast are incorrectly estimated. Sensitivity expressions based on first-order perturbations are derived to indicate the resulting variation in the operation cost, It is particularly indicated that the economic order quantity (EOQ) can change when the demand level is misspecified in both cases of underestimation and overestimation.

A typical example is worked out to illustrate the analytical results.

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