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Fillrate or fill rate can refer to: Fillrate, a measure of graphics performance; Service rate, a logistics measure of ordering performance; Fill rate, a logistics measure of inventory effectiveness at meeting demands
Fill rate, back-order level and inventory level [ edit ] In a base-stock system inventory position is given by on-hand inventory-backorders+orders and since inventory never goes negative, inventory position=r+1.
Fill rate is different from service level. If a customer orders 1000 units, and their supplier can only provide 900 units of that order, their fill rate is 90%. In statistics, notably in queuing theory, service rate denotes the rate at which customers are being served in a system. It is the reciprocal of the service time. For example, a ...
Intuitively, this ratio, referred to as the critical fractile, balances the cost of being understocked (a lost sale worth ()) and the total costs of being either overstocked or understocked (where the cost of being overstocked is the inventory cost, or so total cost is simply ).
In inventory theory, the (Q,r) model is used to determine optimal ordering policies. [1] Its is a class of inventory control models that generalize and combine elements of both the Economic Order Quantity (EOQ) model and the base stock model. [2]
The dynamic lot-size model in inventory theory, is a generalization of the economic order quantity model that takes into account that demand for the product varies over time. The model was introduced by Harvey M. Wagner and Thomson M. Whitin in 1958. [1] [2]
In accounting, the inventory turnover is a measure of the number of times inventory is sold or used in a time period such as a year. It is calculated to see if a business has an excessive inventory in comparison to its sales level. The equation for inventory turnover equals the cost of goods sold divided by the average inventory.
Material theory (or more formally the mathematical theory of inventory and production) is the sub-specialty within operations research and operations management that is concerned with the design of production/inventory systems to minimize costs: it studies the decisions faced by firms and the military in connection with manufacturing, warehousing, supply chains, spare part allocation and so on ...