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A partial replenishment model for an inventory with constant demand

Authors
Choi, Seung KyoungLim, Kyung EunLee, Eui Yong
Issue Date
Sep-2008
Publisher
ELSEVIER SCIENCE INC
Keywords
constant demand; long-run average cost; partial replenishment; poisson process; stationary distribution
Citation
APPLIED MATHEMATICAL MODELLING, v.32, no.9, pp 1790 - 1796
Pages
7
Journal Title
APPLIED MATHEMATICAL MODELLING
Volume
32
Number
9
Start Page
1790
End Page
1796
URI
https://scholarworks.sookmyung.ac.kr/handle/2020.sw.sookmyung/14202
DOI
10.1016/j.apm.2007.06.013
ISSN
0307-904X
1872-8480
Abstract
An inventory with constant demand is considered. The inventory is checked according to a Poisson process and replenished either fully or partially when the stock is below a threshold. We obtained the stationary distribution of the level of the inventory. After assigning several costs to the inventory, we also derived the long-run average cost per unit time. A numerical example is studied to find the optimal values of the checking rate and threshold, which minimize the long-run average cost. (c) 2007 Elsevier Inc. All rights reserved.
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