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A (Q,R) inventory model with lost sales and erlang‐distributed lead times

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  • David J. Buchanan
  • Robert F. Love

Abstract

The exact expression is derived for the average stationary cost of a (Q,R) inventory system with lost sales, unit Poisson demands, Erlang‐distributed lead times, fixed order cost, fixed cost per unit lost sale, linear holding cost per unit time, and a maximum of one order outstanding. Explicit expressions for the state probabilities and a fast method of calculating them are obtained for the case of Q greater than R. Exponential lead times are analyzed as a special case. A simple cyclic coordinate search procedure is used to locate the minimum cost policy. Examples of the effect of lead time variability on costs are given.

Suggested Citation

  • David J. Buchanan & Robert F. Love, 1985. "A (Q,R) inventory model with lost sales and erlang‐distributed lead times," Naval Research Logistics Quarterly, John Wiley & Sons, vol. 32(4), pages 605-611, November.
    • Handle: RePEc:wly:navlog:v:32:y:1985:i:4:p:605-611
    DOI: 10.1002/nav.3800320407
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