ERIC Number: EJ1061629
Record Type: Journal
Publication Date: 2013-Apr
Abstractor: As Provided
Reference Count: N/A
Spreadsheet Modeling of (Q,R) Inventory Policies
Cobb, Barry R.
Decision Sciences Journal of Innovative Education, v11 n2 p175-184 Apr 2013
This teaching brief describes a method for finding an approximately optimal combination of order quantity and reorder point in a continuous review inventory model using a discrete expected shortage calculation. The technique is an alternative to a model where expected shortage is calculated by integration, and can allow students who have not had a calculus-based statistics course to better understand how uncertainty affects inventory decisions.
Descriptors: Spreadsheets, Models, Program Descriptions, Statistics, Mathematical Formulas, Computation, Financial Audits, Teaching Methods, Educational Practices
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Publication Type: Journal Articles; Reports - Descriptive
Education Level: N/A
Authoring Institution: N/A