The performance of two popular service measures on management effectiveness in inventory control |
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| Affiliation: | 1. Department of Production and Decision Sciences, Cameron School of Business, University of North Carolina at Wilmington, Wilmington, NC 28403, USA;2. Department of Management Science and Information Systems, 303 Beam Business Administration Building, The Pennsylvania State University, University Park, PA 16801, USA;1. The Pennsylvania State University, University Park, 213 Hammond Building, PA 16802, USA;2. Siemens PLM Software, Ann Arbor, MI, 48105, USA;1. Universidad de Sevilla, Seville, Spain;2. Universidad de Málaga, Malaga, Spain;1. School of Engineering and Computing Sciences, Texas A&M University – Corpus Christi, Corpus Christi, TX, USA;2. School of Industrial Engineering, University of Ulsan, Ulsan, South Korea;3. Body & Trim Development Team, Hyundai Motor Company, Hwaseong, South Korea;4. Department of Industrial and Management Engineering, Pohang University of Science and Technology, Pohang, South Korea;5. School of Digital Media, Jiangnan University, Jiangsu Province, PR China;1. I3B, Institute for Research and Innovation in Bioengineering, Universitat Politècnica de València, Camino de Vera s/n, 46022 Valencia, Spain;2. Engineering Projects Department, Universitat Politècnica de València, Camino de Vera s/n, 46022, Valencia, Spain;3. Universidad del Bosque, Av. Cra 9 No. 131 A - 02, Bogotá, Columbia |
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| Abstract: | ![]()
Service is one of the inventory managers' concerns and is frequently incorporated into the ordering decisions. Since there are multiple measures of service available for evaluating the efficiency of an inventory system, a comparative study is necessary and has not been addressed in the literature. This paper evaluates two popular service measures, which are the probability of no stockout during lead time and the fill rate, in the context of continuous inventory systems. The performance of the two measures is examined by evaluating the tradeoff among the cost, the level of service, and the inventory turnover ratio. |
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