Accession Number : AD0746127

Title :   A Comparison and Evaluation of Approximate Continuous Review Inventory Models,

Corporate Author : GEORGE WASHINGTON UNIV WASHINGTON D C PROGRAM IN LOGISTICS

Personal Author(s) : Gross,Donald ; Ince,John F.

Report Date : 20 JUL 1972

Pagination or Media Count : 30

Abstract : Several approximate continuous review, trigger point-reorder quantity models, differing in degree of complexity, are compared and evaluated under varying conditions. Their performances are compared to those of an exact model, under the assumption of Poisson demand. The approximate models studied are (1) an economic order quantity (EOQ) analysis for determining the order quantity and a periodic review analysis of the newsboy type to set the reorder (trigger) point; (2) a model which considers reorder point and order quantity interactions as developed by Hadley and Whitin; and (3) a theoretically more accurate variation of the Hadley and Whitin model as given by Wagner. (Author)

Descriptors :   (*INVENTORY CONTROL, MATHEMATICAL MODELS), DECISION THEORY, CORRELATION TECHNIQUES, STOCHASTIC PROCESSES, RANDOM VARIABLES, DIFFERENCE EQUATIONS, APPROXIMATION(MATHEMATICS), MANAGEMENT PLANNING AND CONTROL

Subject Categories : Administration and Management
      Operations Research

Distribution Statement : APPROVED FOR PUBLIC RELEASE