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Replenishing Stock Under Uncertainty

Author

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  • Xekalaki, Evdokia
  • Panaretos, John

Abstract

A stock replenishing model is considered whereby not only the demand for the item, but also the stock in hand and the lead time period are considered to be random variables. The interrelations of these three item characteristics are then studied in the framework of a scheme for deciding when to place an order for additional material. The effect of a Pareto/Yule type distributed demand in determining the stock level at which to reorder is then examined and the results are subsequently looked upon in terms of the lead time distribution

Suggested Citation

  • Xekalaki, Evdokia & Panaretos, John, 1995. "Replenishing Stock Under Uncertainty," MPRA Paper 6261, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:6261
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    File URL: https://mpra.ub.uni-muenchen.de/6261/1/MPRA_paper_6261.pdf
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    References listed on IDEAS

    as
    1. Xekalaki, Evdokia, 1984. "Linear regression and the Yule distribution," Journal of Econometrics, Elsevier, vol. 24(3), pages 397-403, March.
    2. Krishnaji, N, 1970. "Characterization of the Pareto Distribution Through a Model of Underreported Incomes," Econometrica, Econometric Society, vol. 38(2), pages 251-255, March.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Reorder point system; Inventory model; Stock replenishment; Pareto distribution; Yule distribution; Demand distribution;
    All these keywords.

    JEL classification:

    • C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General

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