Article ID: | iaor20124233 |
Volume: | 63 |
Issue: | 1 |
Start Page Number: | 343 |
End Page Number: | 353 |
Publication Date: | Aug 2012 |
Journal: | Computers & Industrial Engineering |
Authors: | Alexopoulos Christos, Tsui Kwok-Leung, Ferguson Mark E, Bai Liwei |
Keywords: | demand, statistics: regression |
Generally, the derivation of an inventory policy requires the knowledge of the underlying demand distribution. Unfortunately, in many settings demand is not completely observable in a direct way or inventory records may be inaccurate. A variety of factors, including the potential inaccuracy of inventory records, motivate managers to seek replenishment policies where the inventory is reviewed periodically and a fixed quantity