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Article: Convenient expressions for computing the exact annual cost of a continuous-review (Q, R) system with backordering

TitleConvenient expressions for computing the exact annual cost of a continuous-review (Q, R) system with backordering
Authors
Keywords(Q, R) Systems
Inventory
Issue Date2002
PublisherPalgrave Macmillan Ltd. The Journal's web site is located at http://www.palgrave-journals.com/jors/index.html
Citation
Journal Of The Operational Research Society, 2002, v. 53 n. 6, p. 655-663 How to Cite?
AbstractFor a continuous-review order-quantity reorder point system, the 'average on-hand inventory level' ('AOI') is often computed by the approximate Hadley-Whitin expression, while the exact AOI is given by a double integral that appears daunting to both students and practitioners. This paper presents exact AOI expressions that are simple enough to be executed by the most basic business softwares. Numerical examples are provided to illustrate the ease of using these expressions as well as the necessity of using them in situations where the standard Hadley-Within approximation becomes too inaccurate.
Persistent Identifierhttp://hdl.handle.net/10722/177899
ISSN
2015 Impact Factor: 1.225
2015 SCImago Journal Rankings: 1.026
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorLau, AHLen_US
dc.contributor.authorLau, HSen_US
dc.contributor.authorRobinson, LWen_US
dc.date.accessioned2012-12-19T09:40:45Z-
dc.date.available2012-12-19T09:40:45Z-
dc.date.issued2002en_US
dc.identifier.citationJournal Of The Operational Research Society, 2002, v. 53 n. 6, p. 655-663en_US
dc.identifier.issn0160-5682en_US
dc.identifier.urihttp://hdl.handle.net/10722/177899-
dc.description.abstractFor a continuous-review order-quantity reorder point system, the 'average on-hand inventory level' ('AOI') is often computed by the approximate Hadley-Whitin expression, while the exact AOI is given by a double integral that appears daunting to both students and practitioners. This paper presents exact AOI expressions that are simple enough to be executed by the most basic business softwares. Numerical examples are provided to illustrate the ease of using these expressions as well as the necessity of using them in situations where the standard Hadley-Within approximation becomes too inaccurate.en_US
dc.languageengen_US
dc.publisherPalgrave Macmillan Ltd. The Journal's web site is located at http://www.palgrave-journals.com/jors/index.htmlen_US
dc.relation.ispartofJournal of the Operational Research Societyen_US
dc.subject(Q, R) Systemsen_US
dc.subjectInventoryen_US
dc.titleConvenient expressions for computing the exact annual cost of a continuous-review (Q, R) system with backorderingen_US
dc.typeArticleen_US
dc.identifier.emailLau, AHL: ahlau@business.hku.hken_US
dc.identifier.authorityLau, AHL=rp01072en_US
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.doi10.1057/palgrave.jors.2601305en_US
dc.identifier.scopuseid_2-s2.0-0036602233en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0036602233&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume53en_US
dc.identifier.issue6en_US
dc.identifier.spage655en_US
dc.identifier.epage663en_US
dc.identifier.isiWOS:000176073300008-
dc.publisher.placeUnited Kingdomen_US
dc.identifier.scopusauthoridLau, AHL=7202626080en_US
dc.identifier.scopusauthoridLau, HS=7201497264en_US
dc.identifier.scopusauthoridRobinson, LW=35609265100en_US

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