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A Simple Style Goods Inventory Model

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  • Philip H. Hartung

    (Montgomery Ward & Company)

Abstract

A Style Goods Inventory Model is presented as a dynamic inventory problem with unknown demand. Assumptions are introduced which allow the model to be solved as a dynamic programming problem with one state variable instead of two. Application of the model is made through the development of a particular empirical demand estimating process. Further, the model is defined such that the results can be applied to a class of items with dissimilar costs and demand levels.

Suggested Citation

  • Philip H. Hartung, 1973. "A Simple Style Goods Inventory Model," Management Science, INFORMS, vol. 19(12), pages 1452-1458, August.
    • Handle: RePEc:inm:ormnsc:v:19:y:1973:i:12:p:1452-1458
    DOI: 10.1287/mnsc.19.12.1452
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    File URL: http://dx.doi.org/10.1287/mnsc.19.12.1452
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    Cited by:

    1. Jian Yang & Xiaolong Zhang, 2009. "Coordinated dynamic control of marketing and production," Naval Research Logistics (NRL), John Wiley & Sons, vol. 56(4), pages 348-365, June.
    2. Petruzzi, Nicholas & Monahan, George E., 2002. "Managing Fashion Goods Inventories:," Working Papers 02-0117, University of Illinois at Urbana-Champaign, College of Business.
    3. Joseph M. Milner & Meir J. Rosenblatt, 2002. "Flexible supply contracts for short life‐cycle goods: The buyer's perspective," Naval Research Logistics (NRL), John Wiley & Sons, vol. 49(1), pages 25-45, February.
    4. Samuel Sale, R. & Mesak, Hani I. & Inman, R. Anthony, 2017. "A dynamic marketing-operations interface model of new product updates," European Journal of Operational Research, Elsevier, vol. 257(1), pages 233-242.
    5. Ming Hu & Joseph Milner & Jiahua Wu, 2016. "Liking and Following and the Newsvendor: Operations and Marketing Policies Under Social Influence," Management Science, INFORMS, vol. 62(3), pages 867-879, March.
    6. Karen L. Donohue, 2000. "Efficient Supply Contracts for Fashion Goods with Forecast Updating and Two Production Modes," Management Science, INFORMS, vol. 46(11), pages 1397-1411, November.

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