INVENTORY MODEL (M. T.) EXPONENTIAL BACKORDER COST RANDOM SUPPLY AND CONTINUOUS LEAD TIME SERIES 3

Authors

  • DR. Martin Osawaru Omorodion Author

Keywords:

Exponential distribution, normal distribution continuous lead times, random supply, gamma distribution, backorder costs and inventory costs.

Abstract

We derived the inventory cost for Inventory Model (M.T) in which the supply is random, backorder costs is exponential and lead time is continuous by making use of the inventory costs derived in series 2 for the same random supply but for constant lead time. Each factor of the inventory cost is then averaged over the states of lead times. Lead time is assumed to be a gamma variate.

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Published

2014-05-30

Issue

Vol. 1 No. 1 (2014): May 2014

Section

Articles