Parameter estimation and performance measurement in lost sales inventory systems

Parameter estimation and performance measurement in lost sales inventory systems

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Article ID: iaor1993888
Country: Netherlands
Volume: 28
Issue: 2
Start Page Number: 211
End Page Number: 215
Publication Date: Nov 1992
Journal: International Journal of Production Economics
Authors:
Keywords: point of sale
Abstract:

In most retail environments the only information available on customer demand comes from sales data. When a product is out of stock there is generally no knowledge of what potential sales have been lost. This creates problems when it comes to estimating (forecasting) the demand distribution and its parameters. This paper looks at this problem and considers ways of overcoming it, in particular making use of data captured by modern point of sale systems.

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