Parameters for Production/Inventory Control in the Case of Stochastic Demand and Different Types of Yield Randomness

Karl Inderfurth () and Stephanie Vogelgesang ()
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Karl Inderfurth: Otto-von-Guericke University Magdeburg
Stephanie Vogelgesang: Otto-von-Guericke University Magdeburg

A chapter in Operations Research Proceedings 2010, 2011, pp 453-458 from Springer

Abstract: Abstract We consider a single-stage stochastic inventory problem under periodic review and present methods for safety stock determination to compensate quantity uncertainties that are caused by stochastic demand and different types of yield randomness. Taking lead times into account we recommend dynamic safety stocks that vary from period to period. To enable practical manageability we suggest two approaches for calculating static safety stocks that are easy to apply.

Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:spr:oprchp:978-3-642-20009-0_72

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DOI: 10.1007/978-3-642-20009-0_72

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