August 2020
Intermediate to advanced
318 pages
8h 20m
English
Content preview from Inventory Optimization
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Part III Advanced Stochastic Models
7 Fill Rate
7.1 Service Level Definition
Until now we have used the cycle service level α as the metric to measure the service level. Remember that the cycle service level is the expected probability that during an order cycle there is no stock-out. For example, for a supply chain with a weekly order cycle, a cycle service level of 95% means that you will have enough stock to fulfill your demand 19 weeks out of 20.1
But the cycle service level does not say how much in backorders (or lost sales) you can expect during a cycle. In the example above, you know you can expect to run out-of-stock once every 20 weeks, but you do not know how much excess demand you will face due to lack of stock. Remember, ...
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