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Parameters for Production/Inventory Control in the Case of Stochastic Demand and Different Types of Yield Randomness

In: Operations Research Proceedings 2010

Author

Listed:
  • Karl Inderfurth

    (Otto-von-Guericke University Magdeburg)

  • Stephanie Vogelgesang

    (Otto-von-Guericke University Magdeburg)

Abstract

We consider a single-stage stochastic inventory problem under periodic review and present methods for safety stock determination to compensate quantity uncertainties that are caused by stochastic demand and different types of yield randomness. Taking lead times into account we recommend dynamic safety stocks that vary from period to period. To enable practical manageability we suggest two approaches for calculating static safety stocks that are easy to apply.

Suggested Citation

  • Karl Inderfurth & Stephanie Vogelgesang, 2011. "Parameters for Production/Inventory Control in the Case of Stochastic Demand and Different Types of Yield Randomness," Operations Research Proceedings, in: Bo Hu & Karl Morasch & Stefan Pickl & Markus Siegle (ed.), Operations Research Proceedings 2010, pages 453-458, Springer.
    • Handle: RePEc:spr:oprchp:978-3-642-20009-0_72
    DOI: 10.1007/978-3-642-20009-0_72
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