Random lead times and expedited orders in (Q, r) inventory systems

Article Abstract:

Inventory models of the order-quantity/order-point type (Q, r) models were examined. The objective was to show that lead time, although random, may be affected by the decision maker. A two-stage system with a constant demand rate was used and two probabilistic models were constructed. Results indicate that the expected cost per unit time is jointly convex in the decision variables for each model. Sensitivity analyses with regards to the model's cost parameters were also carried out.

Factory orders

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Some stochastic inventory models with deterministic variable lead time

Article Abstract:

A study was conducted to find the maximum reduction in the procurement lead time duration for a number of stochastic inventory frameworks with optimal ordering decisions. The inventory models supported reorder level, ordering quantity and lead time as decision variables. Algorithms were developed to solve the classical continuous and periodic review frameworks. Results indicated that the models supported conditions for the distinctiveness of the optimal operating policy.

Usage, Stochastic processes

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An (s,S) random lifetime inventory model with a positive lead time

Article Abstract:

A study was conducted to examine an (s,S) continuous review inventory framework supporting a positive lead time. The steady state probability of the inventory level was determined using matrix-geometric solutions. System parameters were then obtained by numerical studies. Results indicated that lead time can be determined with a PH distribution. Findings also showed that simulations can be utilized to evaluate strategies for different scenarios.

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