Comparison of Stochastic- and Guaranteed-Service Approaches to Safety Stock Optimization in Supply Chains

Steffen Klosterhalfen () and Stefan Minner
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Steffen Klosterhalfen: University of Mannheim, Schloss

A chapter in Operations Research Proceedings 2006, 2007, pp 485-490 from Springer

Abstract: Abstract Contributions to multi-echelon safety stock optimization can be classified as being either of the stochastic- or guaranteed-service framework. Though both approaches have been used in inventory theory for a long time, there is still a lack of a detailed comparison. In this paper, such a comparison is presented. Differences in the materials flow are outlined and insights into the performance of both approaches are gained from a simulation study.

Keywords: Supply Chain; Service Time; Service Level; Cost Advantage; Demand Uncertainty (search for similar items in EconPapers)
Date: 2007
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DOI: 10.1007/978-3-540-69995-8_77

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