Inventory Service-Level Measures: Convexity and Approximation

Paul Zipkin
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Paul Zipkin: Graduate School of Business, Columbia University, New York, New York 10027

Management Science, 1986, vol. 32, issue 8, 975-981

Abstract: We argue that standard approximations for two often-used inventory service-level measures may perform poorly in many situations. Then we confirm the long-standing conjecture that the (relatively) exact formulas for these quantities are convex functions of the relevant control variables. Both results suggest the exact expressions should be seriously considered in practical work.

Keywords: inventory/production; approximations; stochastic models (search for similar items in EconPapers)
Date: 1986
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Citations: View citations in EconPapers (30)

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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:32:y:1986:i:8:p:975-981

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