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An optimal inventory solution for Weibull demand distributions

Authors :
Pandu R. Tadikamalla
Source :
Computers & Operations Research. 4:173-179
Publication Year :
1977
Publisher :
Elsevier BV, 1977.

Abstract

The problem considered here is an infinite stage inventory decision process in which the penalty cost for failing to have in stock sufficient items to satisfy demand at the next stage includes a fixed administrative cost (red tape) and a cost proportional to the deficiency in stock. It is shown here that when the demand follows a Weibull distribution, optimal constant stock level solution exists. A simple computer program is given to calculate this optimal solution.

Details

ISSN :
03050548
Volume :
4
Database :
OpenAIRE
Journal :
Computers & Operations Research
Accession number :
edsair.doi...........88c8dff4a4c56550f4d1340e446f9bb8
Full Text :
https://doi.org/10.1016/0305-0548(77)90013-2