The (s, Q) inventory system for fast moving items

The (s, Q) inventory system for fast moving items

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Article ID: iaor200284
Country: India
Volume: 22
Issue: 1
Start Page Number: 157
End Page Number: 168
Publication Date: Jan 2001
Journal: Journal of Information & Optimization Sciences
Authors: , ,
Abstract:

This article explores the (s, Q) inventory system for fast moving items. It is assumed that the lead time demand will follow Normal distributions. At first, this article shows that the total relevant cost function is convex. Then, with the convexity, a solution procedure is developed to determine the optimal reorder point and the optimal order quantity. Numerical examples are also given to illustrate the solution procedure.

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