A Modified Formula for Calculating Customer Service Under Continuous Inventory Review

Edward A. Silver

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Supply Chain and Inventory Management Management and Optimization Techniques Forecasting Techniques and Applications

Abstract

This article shows that a formula commonly used for establishing safety stocks can lead to erroneous results, particularly when the magnitude of forecast errors over a replenishment lead time is large in comparison with the replenishment quantity. A correct procedure involving only slightly more computational effort is developed. Numerical results are provided for the case of normally distributed forecast errors.

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2017Journal of Industrial Engineering 1968Decision Rules for Inventory Management 1966Modern Inventory Management

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1998Inventory management with periodic ordering and minimum order quantities 2018Stockout risk of production-inventory systems with compound Poisson demands 2018Fill rate: from its definition to its calculation for the continuous (s, Q) inventory system with discrete demands and lost sales 2016Optimal continuous production-inventory systems subject to stockout risk

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