In a single-product inventory system, the depletion of stock is due to demand and deterioration. Customers asking for one unit of the product arrive according to a Poisson process with rate λ. The lifetime of each unit of product has an exponential distribution with mean 1 / μ. Each time the stock drops to zero, a replenishment order for Q units is placed. The lead time of each order is negligible. What are the long-run average stock on hand and the long-run average number of orders placed per t
In a single-product inventory system, the depletion of stock is d…
Jun 19, 2023
numerade.com
Inventory Control: Definition & Best Practices
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