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On using higher-order moments for stochastic inventory systems
Linköping University, Department of Management and Engineering, Production Economics. Linköping University, The Institute of Technology.
Linköping University, Department of Management and Engineering, Production Economics. Linköping University, The Institute of Technology.
2006 (English)In: International Journal of Production Economics, ISSN 0925-5273, Vol. 104, no 2, 454-461 p.Article in journal (Refereed) Published
Abstract [en]

The lead time demand in a stochastic inventory system is often simplified as a normal distribution in practice, whereas the higher-order moments are seldom applied in inventory management due to the difficulty of accessing necessary statistics tables for practitioners. In this paper, we have introduced the Bowman-Shenton formulae for calculating safety factors in modelling a compound distribution. This approximation makes it easy to implement the higher-order moment approach. Our numerical examples show that the system performance measure, in terms of service level, has been significantly improved when we use a Pearson curve, especially at a high service level. © 2005 Elsevier B.V. All rights reserved.

Place, publisher, year, edition, pages
2006. Vol. 104, no 2, 454-461 p.
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Engineering and Technology
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URN: urn:nbn:se:liu:diva-36507DOI: 10.1016/j.ijpe.2005.03.004Local ID: 31468OAI: oai:DiVA.org:liu-36507DiVA: diva2:257355
Available from: 2009-10-10 Created: 2009-10-10 Last updated: 2012-02-10

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Tang, OuGrubbström, Robert W.

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