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Inventory Theory and the Gods of Olympus

Author

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  • Everette S. Gardner

    (Supply Corps, US Navy, USS Dwight D. Eisenhower (CVN 69), FPO New York, 09501)

Abstract

In inventory theory, the typical model assumes the existence of marginal cost data for ordering, holding, and shortages of stock. This paper questions the validity of inventory theory, since it appears to be impossible to measure any of these costs. We conclude that marginal costs would be irrelevant in a more empirical theory, which should concentrate on macrolevel policy analysis rather than microlevel cost minimization.

Suggested Citation

  • Everette S. Gardner, 1980. "Inventory Theory and the Gods of Olympus," Interfaces, INFORMS, vol. 10(4), pages 42-45, August.
    • Handle: RePEc:inm:orinte:v:10:y:1980:i:4:p:42-45
    DOI: 10.1287/inte.10.4.42
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    Cited by:

    1. Larsen, Christian, 2011. "Derivation of confidence intervals of service measures in a base-stock inventory control system with low-frequent demand," International Journal of Production Economics, Elsevier, vol. 131(1), pages 69-75, May.
    2. Vikram Tiwari & Srinagesh Gavirneni, 2007. "ASP, The Art and Science of Practice: Recoupling Inventory Control Research and Practice: Guidelines for Achieving Synergy," Interfaces, INFORMS, vol. 37(2), pages 176-186, April.

    More about this item

    Keywords

    inventory/production: policies;

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