The use of phase‐type distributions in inventory‐control models

Paul Zipkin

Naval Research Logistics (NRL), 1988, vol. 35, issue 2, 247-257

Abstract: This article investigates the use of phase‐type distributions to model the demand process and the replenishment leadtimes in the standard reorder‐point/order‐quantity model of inventory control. Our main result is that the marginal distribution of leadtime demand has a discrete phase‐type distribution with the same number of phases as the leadtime distribution, regardless of the complexity of the inter‐demand times. This result leads to relatively tractable formulas for several standard performance criteria.

Date: 1988
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https://doi.org/10.1002/1520-6750(198804)35:23.0.CO;2-L

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Persistent link: https://EconPapers.repec.org/RePEc:wly:navres:v:35:y:1988:i:2:p:247-257

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