Data processing: financial – business practice – management – or co – Automated electrical financial or business practice or... – Inventory management
Patent
1997-07-14
2000-11-07
MacDonald, Allen R.
Data processing: financial, business practice, management, or co
Automated electrical financial or business practice or...
Inventory management
705 8, G06F 1760
Patent
active
061449458
ABSTRACT:
A computer implemented process is provided for fast and accurate evaluation of the performance characteristics of the periodic-review (s,S) inventory policy with complete back ordering. This policy has an underlying stochastic process that is a renewal process. The method provides a novel computer implementation of a fast and accurate way to compute approximations of the renewal function. In order to overcome the computational problems in evaluating renewal functions numerically, an approximation scheme has been devised whereby the renewal function of the truncated normal distribution can be characterized by two parameters: (1) its coefficient of variation, and (2) the point at which the function needs to be evaluated. This approximation is derived in two stages. In the first stage, a class of rational polynomial approximations are developed to the renewal function, called Pade approximants. In the second stage, polynomial expressions are derived for each coefficient of the Pade approximants in terms of the coefficient of variation of the distribution.
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Garg Amit
Kalagnanam Jayant Ramarao
International Business Machines - Corporation
Kaufman, Esq. Stephen C.
MacDonald Allen R.
Thompson, Jr. Forest O
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