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Technical Note—Fixed-Stockout-Probability Order Quantities with Lost Sales and Time Lag

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  • Arthur Yaspan

    (Polytechnic Institute, Brooklyn, New York)

Abstract

The literature of inventory contains many examples of order quantities chosen so as to achieve some fixed probability of stockout in the period following the order's arrival. This note shows, for independent normally distributed demands, n -period delivery lag, and lost sales, how the computation of such an order quantity can be reduced to cumulative operations on a standardized ( n + 1)-dimensional normal distribution.

Suggested Citation

  • Arthur Yaspan, 1972. "Technical Note—Fixed-Stockout-Probability Order Quantities with Lost Sales and Time Lag," Operations Research, INFORMS, vol. 20(4), pages 903-904, August.
    • Handle: RePEc:inm:oropre:v:20:y:1972:i:4:p:903-904
    DOI: 10.1287/opre.20.4.903
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    Cited by:

    1. David A. Goldberg & Dmitriy A. Katz-Rogozhnikov & Yingdong Lu & Mayank Sharma & Mark S. Squillante, 2016. "Asymptotic Optimality of Constant-Order Policies for Lost Sales Inventory Models with Large Lead Times," Mathematics of Operations Research, INFORMS, vol. 41(3), pages 898-913, August.

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