Analysis of (s,S) inventory systems with general lead time and demand distribution

Analysis of (s,S) inventory systems with general lead time and demand distribution

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Article ID: iaor198862
Country: Germany
Volume: 19
Start Page Number: 557
End Page Number: 576
Publication Date: Dec 1988
Journal: Optimization
Authors:
Abstract:

Stochastic inventory systems of (s,S) type with general lead time distribution are studied when the time intervals between successive demands are independently and identically distributed. The demands are assumed to occur for one unit at a time and the quantity reordered is subject to review at the epoch of replenishment so as to level up the inventory to S. An explicit characterization of the inventory level is provided. The model is flexible enough to allow complete backlogging and or deal with shortages. A general method of dealing with cost over an arbitrary time interval is indicated. Special cases are discussed when either the lead time or the interval between successive demands is exponentially distributed.

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