Gamma International Logistics

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Author(s):

Kal Namit (Winston‐Salem State University, Winston‐Salem, North Carolina, USA, and)

Jim Chen (Norfolk State University, North Carolina, USA)

Citation: Kal Namit, Jim Chen, (1999) "Solutions to the inventory model for gamma lead‐time demand", , Vol. 29 Iss: 2, pp.138 - 154

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Abstract:

Studies have shown (1) that a company that ignores lead‐time demand variability may suffer great financial damage, (2) that the gamma distribution provides the most common best fit to lead‐time demand for a variety of inventory items, and (3) that a fixed lead‐time demand assumption or a normal approximation to it will often yield significant errors because the true distribution is usually very much skewed to the right. Unfortunately, all of the methods for solving the inventory model with gamma lead‐time demand call for tabulated values and perhaps interpolation between them in every iteration. This paper developed an efficient and accurate algorithm for solving the model with gamma lead‐time demand. The suggested algorithm eliminates the need for tabulated values completely and converges to the optimal solution quadratically. Solutions for two special cases of gamma lead‐time demand were also discussed.

Keywords: , , , , Type: Research paperPublisher:

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Q&A

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What is international cooperative logistics?

(DOD, NATO) Cooperation and mutual support in the field of logistics through the coordination of policies, plans, procedures, development activities, and the common supply and exchange of goods and services arranged on the basis of bilateral and multilateral agreements with appropriate cost reimbursement provisions.





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What is international logistics?

The negotiating, planning, and implementation of supporting logistics arrangements between nations, their forces, and agencies. It includes the furnishing of logistic support (major end items, materiel, and/or services) to, or receiving logistic support from, one or more friendly foreign governments, international organizations, or military forces, with or without reimbursement. It also includes the planning and actions related to the inter-meshing of a significant element, activity, or component of the military logistics systems or procedures of the United States with those of one or …