Exact fill rates for (R, s, S) inventory control with gamma distributed demand

J J A Moors () and Leo Strijbosch ()
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J J A Moors: Center for Economic Research, Tilburg University

Journal of the Operational Research Society, 2002, vol. 53, issue 11, 1268-1274

Abstract: Abstract For the familiar (R, s, S) inventory control system only approximate expressions exist for the fill rate, ie the fraction of demand that can be satisfied from stock. Best-known are the approximations derived from renewal theory, holding under specific conditions; in particular, S–s should be reasonably large. Here, an exact expression for the fill rate is derived, holding generally in the situation that demand has a gamma distribution with known integer-valued shape parameter, while lead time is constant. These exact results allow a check of the renewal theory based approximations. In addition, an extremely fast simulation program was written, obviously holding for general shape parameter values.

Keywords: fill rate; gamma demand; inventory control; (R; s; S)-policy; simulation (search for similar items in EconPapers)
Date: 2002
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Related works:
Working Paper: Exact Fill Rates for (R, s, S) Inventory Control With Gamma Distributed Demand (2001)
Working Paper: Exact Fill Rates for (R, s, S) Inventory Control With Gamma Distributed Demand (2001)
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DOI: 10.1057/palgrave.jors.2601441

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