APPROXIMATE AND EXACT FORMULAS FOR THE (Q, r) INVENTORY MODEL

被引：2
|
作者：
Drezner, Zvi [1 ]
Scott, Carlton [2 ]
机构：
[1] Calif State Univ Fullerton, Steven G Mihaylo Coll Business & Econ, Fullerton, CA 92634 USA
[2] Univ Calif Irvine, Paul Merage Sch Business, Irvine, CA 92697 USA
来源：
JOURNAL OF INDUSTRIAL AND MANAGEMENT OPTIMIZATION | 2015年 / 11卷 / 01期
关键词：
Inventory models; exponential distribution; poisson distribution; POLICY;
D O I：
10.3934/jimo.2015.11.135
中图分类号：
T [工业技术];
学科分类号：
08 ;
摘要：
In this paper, new results are derived for the (Q, r) stochastic inventory model. We derive approximate formulas for the optimal solution for the particular case of an exponential demand distribution. The approximate solution is within 0.29% of the optimal value. We also derive simple formulas for a Poisson demand distribution. The original expression involves double summation. We simplify the formula and are able to calculate the exact value of the objective function in 0(1) time with no need for any summations.
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页码：135 / 144
页数：10
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