Numerical analysis of a continuous-review lost-sales inventory model where two orders may be outstanding

1992 ◽  
Vol 62 (1) ◽  
pp. 11-26 ◽  
Author(s):  
Roger M. Hill
Keyword(s):  
Numerical Analysis ◽  
Inventory Model ◽  
Lost Sales ◽  
Continuous Review

scholarly journals Continuous review inventory model with lost sale reduction and ordering cost dependent on lead time for the mixtures of distributions

2021 ◽  
pp. 6-6
Author(s):  
Hardik Soni ◽  
Kunal Shah
Keyword(s):  
Cost Function ◽  
Lead Time ◽  
Capital Investment ◽  
Optimal Solution ◽  
Inventory Model ◽  
Lost Sales ◽  
Mixtures Of Distributions ◽  
Continuous Review ◽  
Investment Cost ◽  
Mixture Of Normal Distributions

We consider a continuous review inventory system for inventory model involving lost sales reduction through capital investment cost function and the reduction of lead time further which reduces the ordering cost. To reduce the lost sales rate, two forms of capital investment cost function, viz. logarithmic and power are employed. Two relationships between ordering cost and lead time, viz. linear and logarithmic are considered. We develop four inventory models by taking different combinations of capital investment cost function and ordering cost lead time relationship. Objective of the study is to reduce the total related cost by simultaneously optimizing the order quantity, safety factor, fraction of the shortages during the stock-out period that will be lost and length of lead time. The lead time demand is assumed to follow a mixture of normal distributions. The optimal solution is derived by developing computer programs using the software MATLAB. We also provide four numerical examples to illustrate the models.

Multi-Location Inventory Model Considering Bidirectional and Unidirectional Transshipments Simultaneously

2013 ◽  
Vol 694-697 ◽  
pp. 2742-2745
Author(s):  
Jin Hong Zhong ◽  
Yun Zhou
Keyword(s):  
Process Model ◽  
Approximate Calculation ◽  
Inventory Model ◽  
Inventory System ◽  
Death Process ◽  
Birth And Death Process ◽  
Inventory Models ◽  
Continuous Review ◽  
Poisson Demand ◽  
Queue Theory

Abstract. A cross-regional multi-site inventory system with independent Poisson demand and continuous review (S-1,S) policy, in which there is bidirectional transshipment between the locations at the same area, and unidirectional transshipment between the locations at the different area. According to the M/G/S/S queue theory, birth and death process model and approximate calculation policy, we established inventory models respectively for the loss sales case and backorder case, and designed corresponding procedures to solve them. Finally, we verify the effectiveness of proposed models and methods by means of a lot of contrast experiments.

Continuous Review (s,S) Policies with Lost Sales

1981 ◽  
Vol 27 (10) ◽  
pp. 1171-1177 ◽  
Author(s):  
Blyth C. Archibald
Keyword(s):  
Lost Sales ◽  
Continuous Review
Sign in / Sign up

Export Citation Format

Share Document