Journal ArticleDOI
Fiscal-period-based service level constraints and safety stock requirements†
TLDR
In this paper, the authors deal with service level constraints which are defined over a fiscal period and show that a confusion between a lead-time and fiscal-period perspective can result in substantial financial consequences and is therefore of managerial relevance.Abstract:
SUMMARY This paper deals with service level constraints which are defined over a fiscal period. Fiscal-period-based service level constraints are considerably more complex than their lead-time counterparts and result in significantly different safety stock requirements. Thus, a confusion between a lead-time and fiscal-period perspective can result in substantial financial consequences and is therefore of managerial relevance. Although no generalizations are possible from the limited results presented, further computational experience suggests that the findings reported hold over a wide range of situations.read more
Citations
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Journal ArticleDOI
Component Commonality with Service Level Requirements
TL;DR: In this article, the effect of commonality on safety stocks in a simple inventory model was investigated and the results were not all intuitive, while utilizing commonality is beneficial, nothing general can be said about the resulting change in the components' stock levels.
Book ChapterDOI
Concepts and Definitions
TL;DR: This work proposes a framework to classify the structure and relevant elements of an inventory system within a static environment and defines how to describe the state of such a system in terms of the relevant characteristics.
Journal ArticleDOI
Improved strategy for service level-based safety stock determination
TL;DR: It is shown that, when combined with a fixed reorder quantity, the alternative strategy results in lower expected carrying costs for a stationary probability distribution of lead time demand.
Journal ArticleDOI
Occurrence based service-level constraints during a fiscal period
TL;DR: In this article, an occurrence-based service-level constraint, defined over a fiscal period, is introduced, which measures the actual number of stockout episodes and restricts it to a managerially acceptable level.
References
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Book
Decision Systems for Inventory Management and Production Planning
TL;DR: In this article, an in-depth discussion of the major decisions in production planning, scheduling, and inventory management faced by organizations, both private and public, is presented, as well as the latest systems used to make decisions, including Just-in-Time Manufacturing, KANBAN, Distribution Requirements Planning and PUSH Control.
Journal ArticleDOI
Effect of service-levels on order-points or order-levels in inventory models
TL;DR: A survey of the three most common service measures and the mathematical calculations pertaining to each is presented, highlighting the importance of knowing the desired service-level in inventory control.
Journal ArticleDOI
Quantitative Analysis for Business Decisions.
TL;DR: In this paper, Bierman, C. P. Bonini, and W. H. Hausman present the Irwin Series in Quantitative Analysis for Business, edited by Robert B. Fetter.