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.

Subject Categories:

  • Administration and Management

Distribution Statement:

APPROVED FOR PUBLIC RELEASE