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Article: A comparison of different methods for estimating the average inventory level in a (Q,R) system with backorders

TitleA comparison of different methods for estimating the average inventory level in a (Q,R) system with backorders
Authors
Keywords(Q,R) Models
Heuristics
Inventory
Issue Date2002
PublisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/ijpe
Citation
International Journal Of Production Economics, 2002, v. 79 n. 3, p. 303-316 How to Cite?
AbstractIn a continuous-review order-quantity-reorder-point inventory system with backordering, the most common approximation to the average inventory level is Hadley-Whitin's expression (1/2Q+safety stock), where Q is the order quantity. In the literature it has been indicated that this approximation depends on the assumption of negligible stockout probability; for situations in which this assumption is violated, various alternative approximation expressions have been developed. This study shows that: (i) Hadley-Whitin's expression is more robust than the literature appears to imply; (ii) the currently available alternatives are not sufficiently accurate to take over when the Hadley-Whitin approximation's accuracy begins to deteriorate due to increasing stockout probability. A simpler and more accurate alternative approximate expression is then presented, and its applications are illustrated. © 2002 Elsevier Science B.V. All rights reserved.
Persistent Identifierhttp://hdl.handle.net/10722/177906
ISSN
2015 Impact Factor: 2.782
2015 SCImago Journal Rankings: 2.749
References

 

DC FieldValueLanguage
dc.contributor.authorLau, AHLen_US
dc.contributor.authorLau, HSen_US
dc.date.accessioned2012-12-19T09:40:46Z-
dc.date.available2012-12-19T09:40:46Z-
dc.date.issued2002en_US
dc.identifier.citationInternational Journal Of Production Economics, 2002, v. 79 n. 3, p. 303-316en_US
dc.identifier.issn0925-5273en_US
dc.identifier.urihttp://hdl.handle.net/10722/177906-
dc.description.abstractIn a continuous-review order-quantity-reorder-point inventory system with backordering, the most common approximation to the average inventory level is Hadley-Whitin's expression (1/2Q+safety stock), where Q is the order quantity. In the literature it has been indicated that this approximation depends on the assumption of negligible stockout probability; for situations in which this assumption is violated, various alternative approximation expressions have been developed. This study shows that: (i) Hadley-Whitin's expression is more robust than the literature appears to imply; (ii) the currently available alternatives are not sufficiently accurate to take over when the Hadley-Whitin approximation's accuracy begins to deteriorate due to increasing stockout probability. A simpler and more accurate alternative approximate expression is then presented, and its applications are illustrated. © 2002 Elsevier Science B.V. All rights reserved.en_US
dc.languageengen_US
dc.publisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/ijpeen_US
dc.relation.ispartofInternational Journal of Production Economicsen_US
dc.subject(Q,R) Modelsen_US
dc.subjectHeuristicsen_US
dc.subjectInventoryen_US
dc.titleA comparison of different methods for estimating the average inventory level in a (Q,R) system with backordersen_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.doi10.1016/S0925-5273(02)00257-8en_US
dc.identifier.scopuseid_2-s2.0-0037063779en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0037063779&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume79en_US
dc.identifier.issue3en_US
dc.identifier.spage303en_US
dc.identifier.epage316en_US
dc.publisher.placeNetherlandsen_US
dc.identifier.scopusauthoridLau, AHL=7202626080en_US
dc.identifier.scopusauthoridLau, HS=7201497264en_US

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