An Inventory Problem with Discrete Time Review and Replenishment by Batches of Fixed Size

M. Resh and P. Naor
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M. Resh: Technion, Israel Institute of Technology, Haifa
P. Naor: Technion, Israel Institute of Technology, Haifa

Management Science, 1963, vol. 10, issue 1, 109-118

Abstract: An inventory system under periodic review is considered. If at the time of review the stock has fallen below a given level, L, a fixed quantity, Q, is ordered; otherwise no action is taken. It is assumed that delivery time is negligible. Two costs are considered to be of importance: one proportional to the average overage, the second proportional to the average shortage. Under exponential demand assumptions optimal values of L and Q are obtained.

Date: 1963
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