Some insights regarding the optimal reorder period in periodic review inventory systems

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dc.contributor.author Silver, EA en
dc.contributor.author Robb, DJ en
dc.date.accessioned 2012-05-13T23:29:01Z en
dc.date.issued 2008-03 en
dc.identifier.citation International Journal of Production Economics 112(1):354-366 Mar 2008 en
dc.identifier.issn 0160-5682 en
dc.identifier.uri http://hdl.handle.net/2292/17953 en
dc.description.abstract The periodic review inventory system is not only pervasive, but also has an extensive literature dealing with various aspects, from its theoretical underpinnings through to its performance. However, the selection of the best review period and its behaviour with respect to basic inventory parameters such as demand and supply variability appears to be poorly understood. In this paper we treat the normal and gamma distributions which are probably the two most commonly used distributions of demand over the key (protection) time interval in a periodic review system. We show that the total cost function is not necessarily well behaved as a function of the review period; in particular, it can be non-convex, which complicates the determination of the best value of the review interval. Also we demonstrate and explain how the best review period changes as the values of various parameters are modified. Some of these changes are initially counterintuitive in nature. Managerially oriented interpretations should also be helpful to organisations seeking improvement in inventory system performance. en
dc.language English en
dc.publisher Elsevier en
dc.relation.ispartofseries International Journal of Production Economics en
dc.rights Items in ResearchSpace are protected by copyright, with all rights reserved, unless otherwise indicated. Previously published items are made available in accordance with the copyright policy of the publisher. Details obtained from http://www.sherpa.ac.uk/romeo/issn/0925-5273/ en
dc.rights.uri https://researchspace.auckland.ac.nz/docs/uoa-docs/rights.htm en
dc.title Some insights regarding the optimal reorder period in periodic review inventory systems en
dc.type Journal Article en
dc.identifier.doi 10.1016/j.ijpe.2007.03.014 en
pubs.issue 1 en
pubs.begin-page 354 en
pubs.volume 112 en
dc.rights.holder Copyright: Elsevier en
pubs.end-page 366 en
pubs.publication-status Published en
dc.rights.accessrights http://purl.org/eprint/accessRights/RestrictedAccess en
pubs.subtype Article en
pubs.elements-id 288065 en
pubs.org-id Business and Economics en
pubs.org-id Graduate School of Management en
pubs.record-created-at-source-date 2012-02-07 en


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