An Objective Bayes Approach for Inventory Decisions

by G. J. Feeney, Craig C. Sherbrooke


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A mathematical foundation for applying Bayesian analysis to inventory decision problems. The Memorandum presents an example in which significant differences were obtained when the Bayesian technique was compared to the conventional issue rate technique for recoverable item demand prediction.

This report is part of the RAND Corporation Research memorandum series. The Research Memorandum was a product of the RAND Corporation from 1948 to 1973 that represented working papers meant to report current results of RAND research to appropriate audiences.

The RAND Corporation 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.