Estimating stock levels in periodic review inventory systems

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Abstract

Calculating the mean physical stock in a simple periodic review inventory system seems to be straightforward. However, the standard approximate expressions appear to yield inaccurate results, especially for low service levels. Low service levels are frequently encountered at intermediate nodes in cost-optimal solutions for multi-echelon systems. In this note, we present an improved approximate method that is both simple and accurate.
Original languageUndefined
Pages (from-to)179-182
Number of pages4
JournalOperations research letters
Volume22
Issue number4-5
DOIs
Publication statusPublished - 1998

Keywords

  • Approximations
  • Inventory
  • METIS-124341
  • IR-73861
  • Operating characteristics

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