A Test of Wagner’s Heuristics for the Spare Parts Inventory Control Problem

Ibrahim S. Kurtulus
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Ibrahim S. Kurtulus: School of Business, Virginia Commonwealth University, Richmond, VA, USA

International Journal of Operations Research and Information Systems (IJORIS), 2012, vol. 3, issue 4, 88-100

Abstract: Over the years, Wagner’s (1975) heuristic rules appealed to the practitioners because they had simple data requirements, were easy to understand and hence easy to apply. In his algorithmic solution, Wagner assumes that the exact distribution of demand (during lead time) is known. If such a distribution is not available, he recommends using the normal distribution. The author’s purpose is to compare the cost of the solutions provided by Wagner’s (1975) heuristics to optimal (Archibald & Silver, 1978) and determine their quality. Their second goal is to perform sensitivity analysis on the results with respect to demand’s skewness, the ratio of ordering cost to carrying cost. The author’s third goal is to use as much actual data as they possibly can.

Date: 2012
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