Article1979

A Realistic Approach for Modeling Stochastic Lead Time Distributions

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Supply Chain and Inventory Management Probability and Statistical Research Statistical Distribution Estimation and Applications

Abstract

This paper presents some techniques for the realistic treatment of stochastic lead-time-demands in inventory models. First, we suggest the use of the first four moments to describe the diversified distribution forms of the lead times and the daily demands; and formulas for deriving a lead-time-demand's first four moments are presented. Next, we demonstrate the use of a lead-time-demand's first four moments in conjunction with the Johnson et al.'s tables to obtain various probability estimates. Thirdly, we discuss the use of the versatile four-parameter Schmeiser-Deutsch curves to fit a lead-time-demand distribution. The computational advantages of using the fitted Schmeiser-Deutsch curves in solving inventory models are then illustrated.

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1964Analysis of Inventory Systems.1970Principles of Operations Research.1975Operations Research in Production Planning, Scheduling and Inventory Control.1972An approximate method for generating symmetric random variables 1975Operations Research in Production Planning, Scheduling and Inventory Control.

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2008Using the inventory-theoretic framework to determine cost-minimizing supply strategies in a stochastic setting 1982The Sensitivity of Inventory Decisions to the Shape of Lead Time-Demand Distribution 1987Estimating the lead-time demand distribution when the daily demand is non-normal and autocorrelated Hon-Shiang LAU 1987The effects of skewness and kurtosis of processing times in unpaced lines 1994The Value of Supplier Information to Improve Management of a Retailer's Inventory 1986A Directly-Coupled Two-Stage Unpaced Line

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