Multi-Item Inventory System Policies Using Statistical Estimates: Negative Binomial Demands (Variance/Mean = 9). Appendices.
Abstract
As part of the on-going research program in 'Decision Control Models in Operations Research', this work has investigated the behavior of multi-item inventory control systems in which the underlying demand distributions are estimated from a limited sample of historical observations. The actual distributions used are from the negative binomial family of distributions with variance/mean equal 9. Particular stress is placed on evaluating how well simple-to-use replenishment rules operate in an uncertain environment. Especial attention is paid to the role of the estimate of the variance of the demand distribution and its effect on the relative performance of the replenishment policies. The research approach employes both mathematical analysis and time series methods for computer simulations.
Document Details
- Document Type
- Technical Report
- Publication Date
- Sep 01, 1975
- Accession Number
- ADA015691
Entities
People
- Arthur S. Estey
- Ronald L. Kaufman
Organizations
- Yale University