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Inventory Control Using A Service Constraint on the Expected Duration of Stockouts

Folorunso A. Akinniyi, Edward A. Silver

Abstract

This paper addresses the selection of a reorder point under a management-specified, maximum expected duration of stockout during a replenishment lead time. The cases of normal and Poisson demand are considered. In both cases graphical aids are developed, allowing easy determination of the reorder point so as to achieve a desired service level. The entire probability distribution of the durations of stockouts is also developed in each case.

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Available abstract

Key concepts: Stockout, Reorder point, Poisson distribution, Duration (music), Inventory control, Lead time, Operations research, Operations management