Tractable (Q,R) heuristic models for constrained service levels

Article Abstract:

Tractable (Q,R) heuristic models have been developed for controlling finished goods inventory under continuous review when the service level is explicitly constrained. Q represents the order quantity, while R represents the reorder point. Two tractable closed-form heuristics are used, one based on the limiting behavior as the economic order quantity (EOQ) approaches + infinity, and another a power approximation based on a normal distribution for leadtime demand. The first performs better than using the traditional EOQ , while the second provides excellent cost performance. Other heuristics are shown to perform worse, especially when the EOQ is small relative to the standard derivation of leadtime demand.

Inventory control

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Informational dynamics of censored observations

Article Abstract:

The characterization of families of distributions, which can keep tractable the analysis of stochastic models that involve censored observations of random variables, is derived. Both cumulative and discontinuous distributions are considered. The families of distributions presented are intended to guide modelers in the selection of distributions used and can assist in the modeling of informational dynamics driven by censored observations.

Research, Distributions, Theory of (Functional analysis), Theory of distributions, Mathematical models

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