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Abstract
This paper presents a very effective procedure for determining the optimal lot size and reorder point for the popular Hadley-Whitin continuous-review (Q,R) model. It is simpler than earlier approaches. Most importantly, the procedure handles non-normal lead-time demands very easily. Extensive test results are presented to confirm the procedure's accuracy for a wide range of parameter-values and leadt-time-demand distributions.
Notes
Handled by the Department of Inventory.