IDEAS home Printed from https://ideas.repec.org/a/igg/jisscm/v5y2012i3p43-57.html
   My bibliography  Save this article

A Refinement of the Classical Order Point Model

Author

Listed:
  • Farhad Moeeni

    (Arkansas State University, USA)

  • Stephen Replogle

    (Arkansas State University, USA)

  • Zariff Chaudhury

    (Arkansas State University, USA)

  • Ahmad Syamil

    (Arkansas State University, USA)

Abstract

Factors such as demand volume and replenishment lead time that influence production and inventory control systems are random variables. Existing inventory models incorporate the parameters (e.g., mean and standard deviation) of these statistical quantities to formulate inventory policies. In practice, only sample estimates of these parameters are available. The estimates are subject to sampling variation and hence are random variables. Whereas the effect of sampling variability on estimates of parameters are in general well known in statistics literature, literature on inventory control policies has largely ignored the potential effect of sampling variation on the validity of the inventory models. This paper investigates the theoretical effect of sampling variability and develops theoretically sound inventory models that can be effectively used in different inventory policies.

Suggested Citation

  • Farhad Moeeni & Stephen Replogle & Zariff Chaudhury & Ahmad Syamil, 2012. "A Refinement of the Classical Order Point Model," International Journal of Information Systems and Supply Chain Management (IJISSCM), IGI Global, vol. 5(3), pages 43-57, July.
    • Handle: RePEc:igg:jisscm:v:5:y:2012:i:3:p:43-57
    as

    Download full text from publisher

    File URL: http://services.igi-global.com/resolvedoi/resolve.aspx?doi=10.4018/jisscm.2012070103
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Barros, Júlio & Cortez, Paulo & Carvalho, M. Sameiro, 2021. "A systematic literature review about dimensioning safety stock under uncertainties and risks in the procurement process," Operations Research Perspectives, Elsevier, vol. 8(C).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:igg:jisscm:v:5:y:2012:i:3:p:43-57. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Journal Editor (email available below). General contact details of provider: https://www.igi-global.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.