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A new functional approximation to the standard normal loss integral
To determine the reorder point for continuous review inventory policies when demand during the lead time is stochastic, a common approach is to specify that a desired fraction of demand is to be met, on average. When demand during the lead time follows the normal distribution, one must determine the...
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| Published in: | Production and inventory management journal 1994-06, Vol.35 (2), p.58 |
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| Format: | Article |
| Language: | English |
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| container_issue | 2 |
| container_start_page | 58 |
| container_title | Production and inventory management journal |
| container_volume | 35 |
| creator | Keaton, Mark H |
| description | To determine the reorder point for continuous review inventory policies when demand during the lead time is stochastic, a common approach is to specify that a desired fraction of demand is to be met, on average. When demand during the lead time follows the normal distribution, one must determine the appropriate number of standard deviations, Z*, of safety stock to provide the desired fill rate. A new approximation is presented which not only provides better overall predictions of Z for all values of E(Z), but is also easier to implement. |
| format | article |
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When demand during the lead time follows the normal distribution, one must determine the appropriate number of standard deviations, Z*, of safety stock to provide the desired fill rate. A new approximation is presented which not only provides better overall predictions of Z for all values of E(Z), but is also easier to implement.</description><identifier>ISSN: 0897-8336</identifier><language>eng</language><publisher>Alexandria: American Production & Inventory Control Society, Inc</publisher><subject>Approximation ; Demand ; Inventory ; Inventory management ; Normal distribution ; Order quantity ; Standard deviation ; Statistical analysis</subject><ispartof>Production and inventory management journal, 1994-06, Vol.35 (2), p.58</ispartof><rights>Copyright American Production & Inventory Control Society, Inc. 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| fulltext | fulltext |
| identifier | ISSN: 0897-8336 |
| ispartof | Production and inventory management journal, 1994-06, Vol.35 (2), p.58 |
| issn | 0897-8336 |
| language | eng |
| recordid | cdi_proquest_journals_199926637 |
| source | ABI/INFORM Global (ProQuest) |
| subjects | Approximation Demand Inventory Inventory management Normal distribution Order quantity Standard deviation Statistical analysis |
| title | A new functional approximation to the standard normal loss integral |
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