Estimating stock levels in periodic review inventory systems

Estimating stock levels in periodic review inventory systems

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Article ID: iaor2001624
Volume: 22
Issue: 4/5
Start Page Number: 179
End Page Number: 182
Publication Date: May 1998
Journal: Operations Research Letters
Authors: ,
Keywords: measurement
Abstract:

Calculating the mean physical stock in a simple periodic review inventory system seems to be straightforward. However, the standard approximate expressions appear to yield inaccurate results, especially for low service levels. Low service levels are frequently encountered at intermediate nodes in cost‐optimal solutions for multi‐echelon systems. In this note, we present an improved approximate method that is both simple and accurate.

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