Estimating stock levels in periodic review inventory systems

Matthijs C. van der Heijden; Ton de Kok

doi:10.1016/S0167-6377(98)00020-0

Estimating stock levels in periodic review inventory systems

Matthijs C. van der Heijden, Ton de Kok

Faculty of Behavioural, Management and Social Sciences

Research output: Contribution to journal › Article › Academic › peer-review

13 Citations (Scopus)

18 Downloads (Pure)

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 language	Undefined
Pages (from-to)	179-182
Number of pages	4
Journal	Operations research letters
Volume	22
Issue number	4-5
DOIs	https://doi.org/10.1016/S0167-6377(98)00020-0
Publication status	Published - 1998

Keywords

Approximations
Inventory
METIS-124341
IR-73861
Operating characteristics

Access to Document

10.1016/S0167-6377(98)00020-0

Cite this

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title = "Estimating stock levels in periodic review inventory systems",

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.",

keywords = "Approximations, Inventory, METIS-124341, IR-73861, Operating characteristics",

author = "{van der Heijden}, {Matthijs C.} and {de Kok}, Ton",

year = "1998",

doi = "10.1016/S0167-6377(98)00020-0",

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T1 - Estimating stock levels in periodic review inventory systems

AU - van der Heijden, Matthijs C.

AU - de Kok, Ton

PY - 1998

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AB - 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.

KW - Approximations

KW - Inventory

KW - METIS-124341

KW - IR-73861

KW - Operating characteristics

U2 - 10.1016/S0167-6377(98)00020-0

DO - 10.1016/S0167-6377(98)00020-0

M3 - Article

SN - 0167-6377

VL - 22

SP - 179

EP - 182

JO - Operations research letters

JF - Operations research letters

IS - 4-5

ER -