(R,Q) Inventory Problem with Unknown Mean Demand and Learning.

Abstract

The author addresses a single product, continuous review model with stationary Poisson demand. Such a model has been effectively studied when mean demand is known. However, the author is concerned with managing new items for which only a Bayesian prior distribution on the mean is available. As demand occurs, the prior is updated and the control parameters are revised. These include the reorder point (R) and reorder quantity (Q).

Document Details

Document Type
Technical Report
Publication Date
Mar 01, 1975
Accession Number
ADA007129

Entities

People

  • Alan J. Kaplan

Tags

DTIC Thesaurus Topics

  • Inventory
  • Learning
  • Stationary

Readers

  • Adaptive Control and Estimation with Uncertainty in Dynamic Systems.
  • Logistics and Supply Chain Management.

Technology Areas

  • AI & ML
  • AI & ML - Bayesian Inference