Accession Number : AD0620921

Title :   INVENTORY CONTROL UNDER STOCHASTIC LEAD TIME AND STOCHASTIC DEMAND.

Descriptive Note : Master's thesis,

Corporate Author : PENNSYLVANIA UNIV PHILADELPHIA

Personal Author(s) : Rand,Kenneth R. ,Jr.

Report Date : 1965

Pagination or Media Count : 109

Abstract : An attempt is made to investigate the behavior of an inventory system in which lead time, the size of the demand order, and the time between successive demand orders are all random variables with known probability distributions. Since adequate analytical mathematical models are not existant, a computer-based simulation model is used to study the inventory system. An introduction to the inventory problem and a description of inventory systems currently in use are provided. The formulation of the model is described. Results are presented as graphs of stockout time as a function of reorder point.

Descriptors :   (*INVENTORY CONTROL, MATHEMATICAL MODELS), STOCHASTIC PROCESSES, DISTRIBUTION(ECONOMICS), PROBABILITY, DECISION MAKING, COSTS, INVENTORY CONTROL

Distribution Statement : APPROVED FOR PUBLIC RELEASE