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2005•Journal of Hefei UniversityRequires access

The Inventory Problem with Stochastic Lead Time and Service Level Mixed Constraints

Huang Xin

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Abstract

Lead time plays an important role in inventory management. But the lead time is often considered as a constant, and the different stochastic demand processes are often focused on in many articles. This paper interprets the inventory problem with Stochastic Lead Time and Service Level Mixed Constraints in limited period. And a model is developed to search variables Q,R minimizing the long-run average cost subject to service level constraints. The best service level is proved to be related with the unit cost and unit stockout cost .

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What this paper is about

Lead time plays an important role in inventory management. But the lead time is often considered as a constant, and the different stochastic demand processes are often focused on in many articles. This paper interprets the inventory problem with Stochastic Lead Time and Service Level Mixed Constraints in limited period. And a model is developed to search variables Q,R minimizing the long-run average cost subject to service level constraints. The best service level is proved to be related with the unit cost and unit stockout cost .

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Available abstract

Lead time plays an important role in inventory management. But the lead time is often considered as a constant, and the different stochastic demand processes are often focused on in many articles. This paper interprets the inventory problem with Stochastic Lead Time and Service Level Mixed Constraints in limited period. And a model is developed to search variables Q,R minimizing the long-run average cost subject to service level constraints. The best service level is proved to be related with the unit cost and unit stockout cost .

Key concepts: Lead time, Stockout, Service (business), Lead (geology), Service level, Operations research, Inventory management, Holding cost

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