Inventory Control by Sven Axsäter (auth.)

By Sven Axsäter (auth.)

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The lead-time demand is obviously Poisson distributed with mean 10. 38) we obtain . 1 P(lL= J) =- 10 k- j 14 L 5 k=max{IO,j} - - e -10 (k - j)! 106 (k -I)! 44) as F(x) = JW[G(~l-G(~ll. 5. 113. 10 the distributions are compared for other values of j. 00 -10 -9 -8 -7 -6 -5 -4 .... -3 mPoisson demand .... -2 -I 0 , .... 9. In case of continuous demand and continuous review, an order is triggered exactly when the inventory position reaches the reorder point R. The order will arrive L time units later.

The Wagner-Whitin algorithm gives the optimal solution while the other techniques are approximate. An exact solution is by no means computationally infeasible. Still it is much more common in practice to use an approximate method. One reason is that the approximate methods are easy to understand. It is also easy to check the computations manually. However, there is also another, probably even more important reason. 7, the considered lot SINGLE-ECHELON - INDEPENDENT ITEMS 49 sizing techniques are usually applied in a rolling horizon environment.

Nahmias, S. 1997. Production and Operations Analysis, 3rd edition, Irwin, Boston. Silver, E. , D. Pyke, and R. Peterson. 1998, Inventory Management and Production Planning and Scheduling, 3rd edition, Wiley, New York. Winters, P. R. 1960. Forecasting Sales by Exponentially Weighted Moving Averages, Management Science, 6, 324-342. 1 Consider the following demands: Period Demand 123 460 452 458 4 5 6 7 470 478 480 498 Determine the moving average with N = 3 for periods 4-11. 2 23 Consider the following monthly demands: Month Demand 1 718 2 745 3 4 5 6 767 728 788 793 a) Determine forecasts by exponential smoothing.

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