A comparison and evaluation of approximate continuous review inventory model

Abstract

Several approximate continuous review, trigger point-reorder quantity models, differing in degree of complexity, are compared and evaluated under varying conditions. Their performances are compared to those of an exact model, under the assumption of Poisson demand. The approximate models studied are (1) an economic order quantity (EOQ) analysis for determining the order quantity and a periodic review analysis of the “ newsboy ” type to set the reorder (trigger) point (2) a model which considers reorder point and order quantity interactions as developed by Hadley and Whitin ; and (3) a theoretically more accurate variation of the Hadley and Whitin model as given by Wagner.

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