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Note: Optimal base-stock policy for the inventory system with periodic review, backorders and sequential lead times

Søren Glud Johansen and Anders Thorstenson ()
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Søren Glud Johansen: Department of Operations Research, Postal: University of Aarhus, Ny Munkegade, Bldg. 530, DK-8000 Aarhus C
Anders Thorstenson: Department of Business Studies, Postal: The Aarhus School of Business, Fuglesangs Allé 4, 8210 Aarhus V, Denmark

No L-2006-02, CORAL Working Papers from University of Aarhus, Aarhus School of Business, Department of Business Studies

Abstract: We show that well-known textbook formulae for determining the optimal base stock of the inventory system with continuous review and constant lead time can easily be extended to the case with periodic review and stochastic, sequential lead times. The provided performance measures and conditions for optimality are exact

Keywords: Inventory control; optimisation; stochastic (search for similar items in EconPapers)
Date: 2005-10-03
Note: Published as: Johansen, S G and Thorstenson, A, Note: Optimal Base-stock Policy for the Inventory System with Periodic Review, Backorders and Sequential Lead Times, International Journal of Inventory Research, Vol 1, No 1, 2008, pp 44-52
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