January 2013
Intermediate to advanced
548 pages
17h 28m
English
Content preview from Supply Chain Engineering
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125Inventory Management Methods and Models
We note that other approximation schemes are available for computing
(s,S, T) inventory system parameters. An excellent reference in this regard
is Silver et al. (1998), which provides several methods to account for shortage
penalty costs in computing s and for service-related adjustments to EOQ-like
formulas for computing S. Porteus (1985) is another valuable reference that
reviews and compares a number of computational approaches for computing
approximately optimal (s, S, T) policy parameters. In keeping with our broad,
rather than deep treatment of various SCM-related computational tools in
thi