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Article: A comparison of different methods for estimating the average inventory level in a (Q,R) system with backorders
Title | A comparison of different methods for estimating the average inventory level in a (Q,R) system with backorders |
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Authors | |
Keywords | (Q,R) Models Heuristics Inventory |
Issue Date | 2002 |
Publisher | Elsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/ijpe |
Citation | International Journal Of Production Economics, 2002, v. 79 n. 3, p. 303-316 How to Cite? |
Abstract | In a continuous-review order-quantity-reorder-point inventory system with backordering, the most common approximation to the average inventory level is Hadley-Whitin's expression (1/2Q+safety stock), where Q is the order quantity. In the literature it has been indicated that this approximation depends on the assumption of negligible stockout probability; for situations in which this assumption is violated, various alternative approximation expressions have been developed. This study shows that: (i) Hadley-Whitin's expression is more robust than the literature appears to imply; (ii) the currently available alternatives are not sufficiently accurate to take over when the Hadley-Whitin approximation's accuracy begins to deteriorate due to increasing stockout probability. A simpler and more accurate alternative approximate expression is then presented, and its applications are illustrated. © 2002 Elsevier Science B.V. All rights reserved. |
Persistent Identifier | http://hdl.handle.net/10722/177906 |
ISSN | 2023 Impact Factor: 9.8 2023 SCImago Journal Rankings: 3.074 |
References |
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Lau, AHL | en_US |
dc.contributor.author | Lau, HS | en_US |
dc.date.accessioned | 2012-12-19T09:40:46Z | - |
dc.date.available | 2012-12-19T09:40:46Z | - |
dc.date.issued | 2002 | en_US |
dc.identifier.citation | International Journal Of Production Economics, 2002, v. 79 n. 3, p. 303-316 | en_US |
dc.identifier.issn | 0925-5273 | en_US |
dc.identifier.uri | http://hdl.handle.net/10722/177906 | - |
dc.description.abstract | In a continuous-review order-quantity-reorder-point inventory system with backordering, the most common approximation to the average inventory level is Hadley-Whitin's expression (1/2Q+safety stock), where Q is the order quantity. In the literature it has been indicated that this approximation depends on the assumption of negligible stockout probability; for situations in which this assumption is violated, various alternative approximation expressions have been developed. This study shows that: (i) Hadley-Whitin's expression is more robust than the literature appears to imply; (ii) the currently available alternatives are not sufficiently accurate to take over when the Hadley-Whitin approximation's accuracy begins to deteriorate due to increasing stockout probability. A simpler and more accurate alternative approximate expression is then presented, and its applications are illustrated. © 2002 Elsevier Science B.V. All rights reserved. | en_US |
dc.language | eng | en_US |
dc.publisher | Elsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/ijpe | en_US |
dc.relation.ispartof | International Journal of Production Economics | en_US |
dc.subject | (Q,R) Models | en_US |
dc.subject | Heuristics | en_US |
dc.subject | Inventory | en_US |
dc.title | A comparison of different methods for estimating the average inventory level in a (Q,R) system with backorders | en_US |
dc.type | Article | en_US |
dc.identifier.email | Lau, AHL: ahlau@business.hku.hk | en_US |
dc.identifier.authority | Lau, AHL=rp01072 | en_US |
dc.description.nature | link_to_subscribed_fulltext | en_US |
dc.identifier.doi | 10.1016/S0925-5273(02)00257-8 | en_US |
dc.identifier.scopus | eid_2-s2.0-0037063779 | en_US |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-0037063779&selection=ref&src=s&origin=recordpage | en_US |
dc.identifier.volume | 79 | en_US |
dc.identifier.issue | 3 | en_US |
dc.identifier.spage | 303 | en_US |
dc.identifier.epage | 316 | en_US |
dc.publisher.place | Netherlands | en_US |
dc.identifier.scopusauthorid | Lau, AHL=7202626080 | en_US |
dc.identifier.scopusauthorid | Lau, HS=7201497264 | en_US |
dc.identifier.issnl | 0925-5273 | - |