A PRACTICAL CONSIDERATION OF THE LEAD TIME DEMAND
DOI:
https://doi.org/10.23055/ijietap.2006.13.2.432Keywords:
Inventory, Lead time demand, Compound stochastic process, Renewal processAbstract
Due to the importance of lead time demand in the design of inventory management systems, researchers and practitioners
have paid continuous attention to it and a few analytic models using the compound distribution approach have been
reported However, since the nature of compound distributions arises a heavy analytic burden, the analytic models have
been developed by non-recognition of the compound nature of some components to reduce the analytic task. Through the
theoretic examination of the analytic model approach, this paper clarifies the assumptions implicitly made by the analytic
models and provides some precautions in using the analytic models. An illustrative example is also presented.
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