Data processing: financial – business practice – management – or co – Automated electrical financial or business practice or... – Inventory management
Patent
1997-07-23
1999-04-27
Stamber, Eric W.
Data processing: financial, business practice, management, or co
Automated electrical financial or business practice or...
Inventory management
705 10, 705 29, G06F 1760
Patent
active
058976248
ABSTRACT:
A computer implemented method provides decision support for how much of an inventory item to order and when to order where the review period is different from a basic time unit for demand realization and updates. For cases where the review period is greater than the basic time unit for describing the system, the (s,S) rule is replaced with an enhanced policy for deciding when to order and how much to order. This policy becomes necessary as in practice items are often reviewed at different frequencies, even though demand realization and inventory updates may be done every day. Given a periodic review inventory system and given a set of (s,S) values, the computer implemented method produces lower average inventory costs for the same achieved service level. Alternatively, for a given average investment in inventory, the method will result in higher service level than the corresponding (s,S) policy.
REFERENCES:
patent: 4383298 (1983-05-01), Huff et al.
patent: 5699259 (1997-12-01), Colman et al.
Edward A. Silver and Rein Peterson, Decision Systems for Inventory Management and Production Planning, John Wiley & Sons, pp. 256-260, Mar. 21, 1985.
Carl R. Schultz, "Replenishment delays for expensive slow-moving items," Management Science, vol. 35, No. 12, pp. 1454-1462, Dec. 1, 1989.
Campa John
International Business Machines - Corporation
Kaufman Stephen C.
Stamber Eric W.
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