Some statistical properties of selected inventory models.

Murray A. Geisler

Expert InsightsPublished 1961

A discussion of inventory policies in which not only the mean values of such important random variables as number of shortages per time period are studied, but also their variance and covariance properties. Such additional properties may help in interpreting the stability of an expected value, under assumed inventory policies and parameters, and in using stochastic or Monte Carlo models to calculate estimates of the expected values by sampling techniques. This paper examines comparatively simple inventory models and derives the expected value, variance, and selected covariance and correlations of the random variables representing stock on hand, shortages per period, overages per period, and reorder quantity. 30 pp.

Document Details

  • Copyright: RAND Corporation
  • Availability: Web Only
  • Year: 1961
  • Pages: 30
  • Document Number: P-2502

Citation

Chicago Manual of Style

Geisler, Murray A., Some statistical properties of selected inventory models. Santa Monica, CA: RAND Corporation, 1961. https://www.rand.org/pubs/papers/P2502.html.
BibTeX RIS

This publication is part of the RAND paper series. The paper series was a product of RAND from 1948 to 2003 that captured speeches, memorials, and derivative research, usually prepared on authors' own time and meant to be the scholarly or scientific contribution of individual authors to their professional fields. Papers were less formal than reports and did not require rigorous peer review.

This document and trademark(s) contained herein are protected by law. This representation of RAND intellectual property is provided for noncommercial use only. Unauthorized posting of this publication online is prohibited; linking directly to this product page is encouraged. Permission is required from RAND to reproduce, or reuse in another form, any of its research documents for commercial purposes. For information on reprint and reuse permissions, please visit www.rand.org/pubs/permissions.

RAND is a nonprofit institution that helps improve policy and decisionmaking through research and analysis. RAND's publications do not necessarily reflect the opinions of its research clients and sponsors.