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The lognormal approximation to the lead time demand in inventory control

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  • Tadikamalla, Pandu R

Abstract

This paper is intended to show that the lognormal distribution can be used to approximate the lead time demand in inventory control problems. The computations involved with this approximation are shown to be simpler compared to the gamma distribution approximation. Some pertinent properties of the lognormal distribution are summarized. Numerical examples are given in two cases of distributed demands and lead times and in each case the lognormal approximation results are compared with the exact and/or other approximations.

Suggested Citation

  • Tadikamalla, Pandu R, 1979. "The lognormal approximation to the lead time demand in inventory control," Omega, Elsevier, vol. 7(6), pages 553-556.
    • Handle: RePEc:eee:jomega:v:7:y:1979:i:6:p:553-556
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    Cited by:

    1. Vernimmen, Bert & Dullaert, Wout & Willemé, Peter & Witlox, Frank, 2008. "Using the inventory-theoretic framework to determine cost-minimizing supply strategies in a stochastic setting," International Journal of Production Economics, Elsevier, vol. 115(1), pages 248-259, September.
    2. Dominey, M. J. G. & Hill, R. M., 2004. "Performance of approximations for compound Poisson distributed demand in the newsboy problem," International Journal of Production Economics, Elsevier, vol. 92(2), pages 145-155, November.
    3. Park, Changkyu, 2007. "An analysis of the lead time demand distribution derivation in stochastic inventory systems," International Journal of Production Economics, Elsevier, vol. 105(1), pages 263-272, January.

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