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    Single Period Inventory Models for Products whose Demand Follows Compound Distributions

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    Date
    2012-08-31
    Author
    Jaison, Absolom
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    Abstract
    Up to this point, the Single Period Inventory models developed have focused on a product whose demand distribution in a single period is some simple classical distribution like the normal distribution, log-normal distribution, etc. These models are silent on the fact that the number of customers visiting a retail outlet to demand the product is a random variable with some probability distribution, typically the Poison distribution (for this project). In this thesis, a model that assumes that the number of customers visiting a retail outlet during a single period is Poison distributed is developed; each customer's demand for the product in turn is assumed to be a random variable X that follows some known distribution D ( è ), where è is the parametric vector for the distribution.
    URI
    http://hdl.handle.net/10646/932
    Subject
    probability distribution
    inventory models
    single-period inventory models
    models
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    • Faculty of Science e-Theses Collection [257]

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