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A periodic-review model with serially-correlated, inventory-level-dependent demand

Authors
Journal
International Journal of Production Economics
0925-5273
Publisher
Elsevier
Publication Date
Volume
95
Issue
3
Identifiers
DOI: 10.1016/j.ijpe.2003.11.015
Keywords
  • Inventory Control
  • Periodic-Review Model
  • Autocorrelated Demand

Abstract

Abstract It has been established that the demand rates of many consumer products are serially correlated and are dependent on the amount of inventory displayed to the customer. A periodic-review model is developed that considers both of these effects. An adaptive, base-stock policy based on the critical fractile is presented, and a solution methodology is developed. The effect of this demand pattern on the safety stock requirement is investigated.

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