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| Author: | Lovejoy, W. S. |
| Title: | Myopic policies for some inventory models with uncertain demand distributions. |
| Journal: | Management Science
1990 : JUN, VOL. 36:6, p. 724-738 |
| Index terms: | INVENTORY CONTROL BAYESIAN STATISTICS |
| Language: | eng |
| Abstract: | It is shown that a simple inventory policy based upon a critical fraction can be optimal or near-optimal in some inventory models with parameter adaptive demand processes. Some parameter of the demand distribution is not known with certainty, and estimates of the parameter are updated in a statistical fashion as demand is observed through time. Examples include exponentially smoothed forecasts and Bayesian updating of parameter estimates. Some numerical examples illustrate the techniques. |
SCIMA