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An Inventory Problem with Discrete Time Review and Replenishment by Batches of Fixed Size

Author

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  • M. Resh

    (Technion, Israel Institute of Technology, Haifa)

  • P. Naor

    (Technion, Israel Institute of Technology, Haifa)

Abstract

An inventory system under periodic review is considered. If at the time of review the stock has fallen below a given level, L, a fixed quantity, Q, is ordered; otherwise no action is taken. It is assumed that delivery time is negligible. Two costs are considered to be of importance: one proportional to the average overage, the second proportional to the average shortage. Under exponential demand assumptions optimal values of L and Q are obtained.

Suggested Citation

  • M. Resh & P. Naor, 1963. "An Inventory Problem with Discrete Time Review and Replenishment by Batches of Fixed Size," Management Science, INFORMS, vol. 10(1), pages 109-118, October.
    • Handle: RePEc:inm:ormnsc:v:10:y:1963:i:1:p:109-118
    DOI: 10.1287/mnsc.10.1.109
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