February 2016
Intermediate to advanced
480 pages
219h 58m
English
All the inventory models we have discussed so far make the assumption that demand for a product is constant and certain. We now relax this assumption. The following inventory models apply when product demand is not known but can be specified by means of a probability distribution. These types of models are called probabilistic models. Probabilistic models are a real-world adjustment because demand and lead time won’t always be known and constant.
An important concern of management is maintaining an adequate service level in the face of ...