General approximate solutions for some common inventory models

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Abstract

Employing a group of general approximations introduced elsewhere, we derive explicit approximate solutions to the standard newsboy problem, to some (g, r) models recently developed, and to a periodic review order up to R model. The solutions obtained are general in that no distributional assumptions need to be specified prior to their derivation, and merely knowledge of the first three or four moments (of the relevant random variables) is required. The accuracy achieved is satisfactory, while algebraic simplicity is preserved.

Original languageEnglish
Pages (from-to)619-629
Number of pages11
JournalJournal of the Operational Research Society
Volume37
Issue number6
DOIs
StatePublished - 1 Jan 1986
Externally publishedYes

Keywords

  • Approximations
  • Inventory analysis
  • Loss function
  • Newsboy problem
  • Periodic review model
  • Reorder point models
  • Sensitivity analysis

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