On Solving Multi-Item Inventory Model Using GLD Approximation

摘要

In this article, we consider the multi-item version of HMMS(Holt et al. [5]) inventory model and describe a method of solving the model using the Generalised Lambda Distribution (GLD) approximation for the lead time demand distribution. The proposed procedure is non-iterative in nature and generalizes the analysis to any continuous demand distribution. The application of the procedure for solving a two-item HMMS inventory model with normal and Weibill lead time demands is illustrated with some numerical examples.