Accession Number:
ADA007129
Title:
(R,Q) Inventory Problem with Unknown Mean Demand and Learning.
Descriptive Note:
Technical rept.,
Corporate Author:
AMC INVENTORY RESEARCH OFFICE PHILADELPHIA PA
Personal Author(s):
Report Date:
1975-03-01
Pagination or Media Count:
17.0
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.
Descriptors:
Subject Categories:
- Administration and Management