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Optimal Restocking Policy of an Inventory with Constant Demand
- Issue Date
- Dec-2004
- Publisher
- 한국통계학회
- Keywords
- inventory; Poison process; long-run average cost; restocking policy; inventory; Poison process; long-run average cost; restocking policy
- Citation
- Communications for Statistical Applications and Methods, v.11, no.3, pp 631 - 641
- Pages
- 11
- Journal Title
- Communications for Statistical Applications and Methods
- Volume
- 11
- Number
- 3
- Start Page
- 631
- End Page
- 641
- ISSN
- 2287-7843
- Abstract
- In this paper, a model for an inventory whose stock decreases with time is considered. When a deliveryman arrives, if the level of the inventory exceeds a threshold α, no stock is delivered, otherwise a delivery is made. It is that the size of a delivery is a random variable Y which is exponentially distributed. After assigning various costs to the model, we calculate the long-run average cost and show that there exist unique value of arrival rate of deliveryman α, unique value of threshold α and unique value of average delivery m which minimize the long-run average cost.
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