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A Revision of the Power Approximation for Computing (s, S) Policies

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Author Info

  • Richard Ehrhardt

    (School of Business and Economics, University of North Carolina, Greensboro, North Carolina 27412)

  • Charles Mosier

    (School of Management, Clarkson College, Potsdam, New York 13676)

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    Abstract

    A revision of the Power Approximation for computing (s, S) inventory policies is presented. The revision incorporates modifications which (1) ensure homgeneity in the units chosen to measure demand and (2) ensure the proper limiting behavior of S - s when the variance of demand is extremely small. Computational experience shows that the revision has operating characteristics that are typically within a few percent of optimal, which is nearly as accurate as the original Power Approximation.

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    File URL: http://dx.doi.org/10.1287/mnsc.30.5.618
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    Bibliographic Info

    Article provided by INFORMS in its journal Management Science.

    Volume (Year): 30 (1984)
    Issue (Month): 5 (May)
    Pages: 618-622

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    Handle: RePEc:inm:ormnsc:v:30:y:1984:i:5:p:618-622

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    Related research

    Keywords: inventory/production: approximations; inventory/production: periodic review models;

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    Cited by:
    1. van Donselaar, Karel H. & Broekmeulen, Rob A.C.M., 2013. "Determination of safety stocks in a lost sales inventory system with periodic review, positive lead-time, lot-sizing and a target fill rate," International Journal of Production Economics, Elsevier, vol. 143(2), pages 440-448.
    2. van Donselaar, Karel H. & Broekmeulen, Rob A.C.M., 2012. "Approximations for the relative outdating of perishable products by combining stochastic modeling, simulation and regression modeling," International Journal of Production Economics, Elsevier, vol. 140(2), pages 660-669.
    3. Baker, H. & Ehrhardt, R., 1995. "A dynamic inventory model with random replenishment quantities," Omega, Elsevier, vol. 23(1), pages 109-116, February.

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