Accession Number : AD0602134

Title :   ON THE ORDER CYCLE SYSTEM OF INVENTORY CONTROL.

Descriptive Note : Technical rept. no. 21,

Corporate Author : COLUMBIA UNIV NEW YORK SCHOOL OF ENGINEERING AND APPLIED SCIENCE

Personal Author(s) : Agin,Norman

Report Date : 15 APR 1964

Pagination or Media Count : 130

Abstract : An inventory problem where an order for a variable amount of some commodity is placed at equally spaced intervals of time was considered. More specifically, every N periods an order is placed for an amount which brings the sum of stockon-hand plus on-order up to some level S. The objective was to find values N* of N and S* of S which minimize steady state expected costs per unit time. The model treats a single item for which there is random demand. Demands in successive periods of unit time are independent with equal means and variances. The usual constraints such as aggregate or individual production requirements, maximum size of inventory, or the recognized obsolescence of the item in the near future were not considered. Further, demands that arrive when there is no positive inventory on-hand are backordered and satisfied, eventually, out of incoming orders. The case when these demands are lost, called the lost sales case, was not treated. (Author)

Descriptors :   (*INVENTORY CONTROL, INVENTORY CONTROL), (*INVENTORY ANALYSIS, INVENTORY CONTROL), MANAGEMENT ENGINEERING, INVENTORY, COSTS, MATHEMATICAL MODELS, LOGISTICS, OPERATIONS RESEARCH, STATISTICAL ANALYSIS

Distribution Statement : APPROVED FOR PUBLIC RELEASE