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Abstract
This paper gives a treatment of the stochastic lead time problem, showing that many of the results are analogous to situations in queueing theory. It is shown that the lead time consumption can be correlated with the E.O.Q. and the case of sporadic consumption is also considered. A continuous review S, Q inventory control policy is derived treating the stochastic nature of the lead time consumption within an approximation. From the total cost equation derived, several interesting results are obtained.
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*Now at Business Research Ltd., 9, Monmouth Rd., London, W.2.