Technical Note—Fixed-Stockout-Probability Order Quantities with Lost Sales and Time Lag

Arthur Yaspan
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Arthur Yaspan: Polytechnic Institute, Brooklyn, New York

Operations Research, 1972, vol. 20, issue 4, 903-904

Abstract: The literature of inventory contains many examples of order quantities chosen so as to achieve some fixed probability of stockout in the period following the order's arrival. This note shows, for independent normally distributed demands, n -period delivery lag, and lost sales, how the computation of such an order quantity can be reduced to cumulative operations on a standardized ( n + 1)-dimensional normal distribution.

Date: 1972
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