Technical Note—Comments on the Distribution of Inventory Position in a Continuous-Review (s, S) Inventory System | Zendy

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Technical Note—Comments on the Distribution of Inventory Position in a Continuous-Review (s, S) Inventory System

Author(s) -

Frederic Richards

Publication year - 1975

Publication title -

operations research

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 3.797

H-Index - 140

eISSN - 1526-5463

pISSN - 0030-364X

DOI - 10.1287/opre.23.2.366

Subject(s) - limiting , position (finance) , distribution (mathematics) , procurement , inventory control , lost sales , asymptotic distribution , operations research , mathematics , computer science , economics , statistics , engineering , mathematical analysis , management , mechanical engineering , finance , estimator

This paper comments on the limiting distribution of the inventory position in a continuous-review s, S inventory system with arbitrary customer interarrival-time distribution. The limiting distribution is derived for the general case in which the demand quantity is random. We show that the limiting distribution is uniform on s + 1, ', S if and only if units are demanded one at a time. However, with a slight modification of the procurement policy, the uniform distribution is recaptured even with random demand quantities.

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