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Mathematical Analysis of an Inventory Case

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  • Charles E. Clark

    (Booz, Allen & Hamilton, Chicago, Illinois)

Abstract

This paper presents the adjustments in current theory of inventory that were required in a specific case. The demand during lead time was found to be skewed to the extent that it could not be represented by a two-parameter distribution. This skewness was handled by an augmentation of the standard deviation of the lead time demand. The analysis involving runout costs was complicated by the fact that, when one warehouse was short, it was possible sometimes to induce a customer to accept the delay inherent in delivery from another warehouse.

Suggested Citation

  • Charles E. Clark, 1957. "Mathematical Analysis of an Inventory Case," Operations Research, INFORMS, vol. 5(5), pages 627-643, October.
    • Handle: RePEc:inm:oropre:v:5:y:1957:i:5:p:627-643
    DOI: 10.1287/opre.5.5.627
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    Cited by:

    1. Barros, Júlio & Cortez, Paulo & Carvalho, M. Sameiro, 2021. "A systematic literature review about dimensioning safety stock under uncertainties and risks in the procurement process," Operations Research Perspectives, Elsevier, vol. 8(C).
    2. 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.
    3. E A Shale & J E Boylan & F R Johnston, 2006. "Forecasting for intermittent demand: the estimation of an unbiased average," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 57(5), pages 588-592, May.

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