Inventory management under highly uncertain demand

Inventory management under highly uncertain demand

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Article ID: iaor20082146
Country: Netherlands
Volume: 35
Issue: 3
Start Page Number: 281
End Page Number: 289
Publication Date: May 2007
Journal: Operations Research Letters
Authors: , ,
Keywords: risk
Abstract:

We show that base-stock levels first increase and then decrease as the standard deviation increases for a variety of non-negative random variables with a given mean and provide a distribution-free upper bound for optimal base-stock levels that grows linearly with the standard deviation and then remains constant.

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