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A Study of Inventory Theory

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  • Murray A. Geisler

    (The RAND Corporation, Santa Monica, California)

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.

Suggested Citation

  • Murray A. Geisler, 1963. "A Study of Inventory Theory," Management Science, INFORMS, vol. 9(3), pages 490-497, April.
    • Handle: RePEc:inm:ormnsc:v:9:y:1963:i:3:p:490-497
    DOI: 10.1287/mnsc.9.3.490
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    Cited by:

    1. Sandun C. Perera & Suresh P. Sethi, 2023. "A survey of stochastic inventory models with fixed costs: Optimality of (s, S) and (s, S)‐type policies—Continuous‐time case," Production and Operations Management, Production and Operations Management Society, vol. 32(1), pages 154-169, January.
    2. Sandun C. Perera & Suresh P. Sethi, 2023. "A survey of stochastic inventory models with fixed costs: Optimality of (s, S) and (s, S)‐type policies—Discrete‐time case," Production and Operations Management, Production and Operations Management Society, vol. 32(1), pages 131-153, January.

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