A Bayesian Approach to the Two-period Style-goods Inventory Problem with Single Replenishment and Heterogeneous Poisson Demands

John W. Bradford · Paul K. Sugrue

64 citations0/0 files storedJournal of the Operational Research Society

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Supply Chain and Inventory Management Reliability and Maintenance Optimization Forecasting Techniques and Applications

Abstract

This paper presents a model of the two-period style-goods inventory problem for a firm which stocks many hundreds of distinctive items having heterogeneous Poisson demands. The model uses a Bayesian procedure for forecast and probability revisions based on an aggregation-by-items scheme. These revised forecasts are then incorporated into a model which is used to derive the optimal inventory-stocking policies which maximize expected profit during the season. The model is illustrated using an actual case study of inventory planning for unframed poster art.

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References

1979Decision Systems for Inventory Management and Production Planning 1966A Bayesian Analysis of the Style Goods Inventory Problem 1972Multiproduct Production Scheduling for Style Goods with Limited Capacity, Forecast Revisions and Terminal Delivery

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