Determination of Optimal Safety Stock Policies

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Determination of Optimal Safety Stock Policies

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dc.contributor.author Najdawi, Mohammad K. en_US
dc.date.accessioned 2009-11-25T12:41:35Z
dc.date.available 2009-11-25T12:41:35Z
dc.date.issued 2006 en_US
dc.identifier.citation Studies of Business and Economics, 2006, Vol. 12, No. 1, Pages 25-34. en_US
dc.identifier.uri http://hdl.handle.net/10576/6853
dc.description.abstract Setting safety stock policies are especially important in the management of retail and wholesale inventories, as well as stores, spare parts, supply items, and in certain areas of production planning. From a practical perspective, determining the optimal safety stock policy and the optimal service level requires specifying the demand distribution. This paper develops optimal safety stock policies under several commonly used statistical demand distributions; normal, exponential, andpoisson. In those situations where a manager has limited information on the shape of the demand distribution, Chebychev's Inequality Theorem is exploited to determine the optimal policies. The suggested computational approach enables the order quantity and the number of standard deviations that specifies the service level to be jointly determined by minimizing total relevant cost. A numerical example is also given to illustrate the computational process. en_US
dc.language.iso en en_US
dc.publisher Qatar University en_US
dc.subject Safety Stock Policy en_US
dc.title Determination of Optimal Safety Stock Policies en_US
dc.type Article en_US
dc.identifier.pagination 25-34 en_US
dc.identifier.issue 1 en_US
dc.identifier.volume 12 en_US

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