Inventory management models (part 2)

Models with fixed period.

Sometimes, it makes more sense to place an order with certain frequency rather than reaching some amount of order. For instance, to divide the work load is easier, when every day, week, month, etc., the employees are directed in order to check certain types of supplies.

According to the model with fixed order quantity, orders are placed after reaching the point of repeated order. And in the models with fixed period, orders are placed only at particular time. That is why the level of supplies should be built up so that no deficiency was formed within the period from order placement till lead-time.

Probability models with the glance to the scale of servicing

The considered above models consist of hypothesis which is: all the parameters are clear and do not ace the changes with time.  However, the situations when the demand, time of order filling, supplies and other parameters do not change, are very common.

Probability models of the order quantity take these changes into account. They are more complicated than those above mentioned, but the probability approach is more informative n terms of possible results.

In the next article, the reserve supplies and service levels will be reviewed.

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