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In this paper we propose a modification to the standard forecasting, periodic order-up-to-level inventory control approach to dealing with intermittent demand items, when the lead-time length is shorter than the average inter-demand interval. In particular, we develop an approach that relies upon the employment of separate estimates of the inter-demand(More)
Wholesalers add value to the products they deal with, by essentially bringing them closer to the end consumers. In that respect, the effective control of stock levels becomes an important measure of operational performance especially in the context of achieving high customer service levels. In this paper, we address issues pertinent to forecasting and(More)
We analyse a single echelon single item inventory system where the demand and the lead time are stochastic. Demand is modelled as a compound Poisson process and the stock is controlled according to a continuous time order-up-to level policy. We propose a new method for determining the optimal order-up-to level for a cost oriented inventory systems where(More)
Although intermittent demand items dominate service and repair parts inventories in many industries, research in forecasting such items has been limited. A critical research question is whether one should make point forecasts of the mean and variance of intermittent demand with a simple parametric method such as simple exponential smoothing or else employ(More)