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Determining order-up-to levels under periodic review for compound binomial (intermittent) demand

Teunter, R. H., Syntetos, Argyrios and Babai, M. Z. 2010. Determining order-up-to levels under periodic review for compound binomial (intermittent) demand. European Journal of Operational Research 203 (3) , pp. 619-624. 10.1016/j.ejor.2009.09.013

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Abstract

We propose a new method for determining order-up-to levels for intermittent demand items in a periodic review system. Contrary to existing methods, we exploit the intermittent character of demand by modelling lead time demand as a compound binomial process. In an extensive numerical study using Royal Air Force (RAF) data, we show that the proposed method is much better than existing methods at approximating target service levels and also improves inventory-service efficiency. Furthermore, the proposed method can be applied for both cost and service oriented systems, and is easy to implement.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: H Social Sciences > HD Industries. Land use. Labor
Uncontrolled Keywords: Compound binomial (intermittent) demand; Periodic stock control; Service levels; Empirical investigation
Publisher: Elsevier
ISSN: 0377-2217
Last Modified: 04 Jun 2017 04:38
URI: http://orca.cf.ac.uk/id/eprint/42066

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