An evaluation of alternative approaches for the computation of order quantities and reorder points Public Deposited

http://ir.library.oregonstate.edu/concern/graduate_thesis_or_dissertations/cn69m7908

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  • Every inventory system requires answers to two basic questions: when to order and how much to order. In this paper we have described and compared four alternate methods for obtaining the answers for these two questions. Four different types of demand distribution during the lead time are considered: normal, exponential, triangular and uniform. Two types of stockout penalty are assumed; one when the stockout penalty is proportional to the number of occasions out of stock and the other when the stockout penalty is proportional to the average annual number of units out of stock. The necessary conditions for optimality are developed for these eight cases. These provide one method of finding the optimal order quantity, the optimal reorder point and the minimum cost. The optimal values are also compared using a direct search technique, a graphical method and a numerical approximation approach.
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