Decision and Control Models in Operations Research
Final rept. 1 Jan 1974-31 Dec 1975
YALE UNIV NEW HAVEN CT SCHOOL OF ORGANIZATION AND MANAGEMENT
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The research concentrated on one major topic of investigation Statistical properties of inventory models. The analysis dealt with comparing the operating characteristics of several important stockage rules when the underlying demand distribution parameters were estimated from a limited sample of historical data say, 13, 26, or 52 observations. Particular attention was given to the frequently observed case where the probability of zero demand occurring within any time period was significantly large hence, say, half of the historical observations indicated zero demand, but the positive levels of demand were not necessarily small. The context of the analyses was a large-scale inventory system containing thousands of individual items, and thus, the computational burden of implementing the stockage policies was recognized in the comparison of different stockage rules. The research approach encompassed applied Markovian probability analysis and computer simulation analysis containing sophisticated statistical autoregressive time series methods.
- Administration and Management
- Operations Research