A Study of Inventory Theory

Murray A. Geisler
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Murray A. Geisler: The RAND Corporation, Santa Monica, California

Management Science, 1963, vol. 9, issue 3, 490-497

Abstract: The paper is divided along the following lines. First, I illustrate the inventory models having Deterministic Demand and then consider the class of Probabilistic Demand Models. Within the latter class, I consider the single period steady state case, and then the N-period dynamic inventory model. For the N-period case, I then report results covering non-zero procurement lead time, demand rate varying each period, joint solution of the inventory-control-production scheduling decision, and a multi-echelon model. Finally, since in the previous consideration of probabilistic demand models, knowledge of the demand probability distribution and its parameters were assumed, I discuss a paper dealing with the use of Bayes estimates.

Date: 1963
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:9:y:1963:i:3:p:490-497

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