Inventory Models with Forecasting and Dependent Demand

George F. Brown, Jr., Richmond M. Lloyd and Timothy M. Corcoran
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George F. Brown, Jr.: Center for Naval Analyses, 1401 Wilson Boulevard, Arlington, Virginia 22209
Richmond M. Lloyd: Center for Naval Analyses, 1401 Wilson Boulevard, Arlington, Virginia 22209
Timothy M. Corcoran: Stanford University, Stanford, California 94305

Management Science, 1971, vol. 17, issue 7, 498-499

Abstract: In general, the single-product inventory model in which demands in successive periods are not independent is difficult to treat. This paper defines a large class of such problems, when there is a positive lead time for delivery, which can be treated by the classical formulation with a single state variable. All results which hold for inventory models with a constant delivery lag can be shown to hold also for this model. An application is made to a system in which demands are generated by part failure and in which a portion of these failures are repaired after a given (constant or probabilistic) time.

Date: 1971
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:17:y:1971:i:7:p:498-499

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