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Safety Levels in Military Inventory Management

Author

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  • Franz L. Alt

    (National Bureau of Standards, Washington, D. C.)

Abstract

A suitable objective function is derived for inventory problems involving stocks of several commodities with interdependent optimal stock levels. To this end the effect of inventory levels on the activities served by the inventory is derived, and the expected utility of these activities is used as the objective function, to be maximized by choice of stock levels. In the case of several activities jointly served, where it may be difficult to choose a joint utility function for these activities, the proposal is made and argued to approximate this function by the sum of the marginal costs of the separate activities.

Suggested Citation

  • Franz L. Alt, 1962. "Safety Levels in Military Inventory Management," Operations Research, INFORMS, vol. 10(6), pages 786-794, December.
  • Handle: RePEc:inm:oropre:v:10:y:1962:i:6:p:786-794
    DOI: 10.1287/opre.10.6.786
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    Cited by:

    1. Jing-Sheng Song, 2002. "Order-Based Backorders and Their Implications in Multi-Item Inventory Systems," Management Science, INFORMS, vol. 48(4), pages 499-516, April.
    2. Rahimi-Ghahroodi, S. & Al Hanbali, A. & Vliegen, I.M.H. & Cohen, M.A., 2019. "Joint optimization of spare parts inventory and service engineers staffing with full backlogging," International Journal of Production Economics, Elsevier, vol. 212(C), pages 39-50.
    3. Mauricio Varas & Franco Basso & Armin Lüer-Villagra & Alejandro Mac Cawley & Sergio Maturana, 2019. "Managing premium wines using an $$(s - 1,s)$$ ( s - 1 , s ) inventory policy: a heuristic solution approach," Annals of Operations Research, Springer, vol. 280(1), pages 351-376, September.

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