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On the equivalence of three approximate continuous review inventory models

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  • Steven Nahmias

Abstract

This paper considers the problem of computing reorder points and order quantities for continuous review inventory systems subject to either a service level constraint or a constraint on the average fraction of time out of stock. It is demonstrated that three apparently distinct models are equivalent under these circumstances. Using this equivalence, streamlined algorithms for computed lot sizes and recorder points are developed.

Suggested Citation

  • Steven Nahmias, 1976. "On the equivalence of three approximate continuous review inventory models," Naval Research Logistics Quarterly, John Wiley & Sons, vol. 23(1), pages 31-36, March.
    • Handle: RePEc:wly:navlog:v:23:y:1976:i:1:p:31-36
    DOI: 10.1002/nav.3800230105
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    Cited by:

    1. Izzet Sahin & Diptendu Sinha, 1987. "Renewal approximation to optimal order quantity for a class of continuous‐review inventory systems," Naval Research Logistics (NRL), John Wiley & Sons, vol. 34(5), pages 655-667, October.
    2. Tamer Boyacı & Guillermo Gallego, 2002. "Managing waiting times of backordered demands in single‐stage (Q, r) inventory systems," Naval Research Logistics (NRL), John Wiley & Sons, vol. 49(6), pages 557-573, September.
    3. Amy Hing‐Ling Lau & Hon‐Shiang Lau & David F. Pyke, 2002. "Degeneracy in inventory models," Naval Research Logistics (NRL), John Wiley & Sons, vol. 49(7), pages 686-705, October.

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