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- Publisher Website: 10.1016/0377-2217(95)00134-4
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Article: Estimating the demand distributions of single-period items having frequent stockouts
Title | Estimating the demand distributions of single-period items having frequent stockouts |
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Authors | |
Keywords | Demand Distributions Inventory Statistics Statistics: Empirical |
Issue Date | 1996 |
Publisher | Elsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/ejor |
Citation | European Journal Of Operational Research, 1996, v. 92 n. 2, p. 254-265 How to Cite? |
Abstract | Very often, the service level of a single-period newsboy-type product is set at such a low level that: (i) stockouts occur in the majority of the periods, and (ii) a large right-hand side of the empirical demand distribution is never observable. This paper reports a practical approach for estimating the periodic-demand distribution of such a product. The approach has three components: (i) using the non-parametric 'product limit' method to estimate the fractiles of the observable left-hand side of the empirical distribution; (ii) using a subjective approach and an 'extrapolation of hourly sales' approach to 'fill in' the missing right-hand side of the empirical distribution; (iii) fitting the estimates obtained in the preceding two components to a Tocher curve - which can handle the diversity of shapes of a realistic demand distribution and is also computationally very convenient for subsequent calculations for production/inventory decisions. The entire approach is shown to be simpler but more powerful than existing alternatives for the problem. |
Persistent Identifier | http://hdl.handle.net/10722/177848 |
ISSN | 2023 Impact Factor: 6.0 2023 SCImago Journal Rankings: 2.321 |
ISI Accession Number ID | |
References |
DC Field | Value | Language |
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dc.contributor.author | Lau, HS | en_US |
dc.contributor.author | Lau, AHL | en_US |
dc.date.accessioned | 2012-12-19T09:40:34Z | - |
dc.date.available | 2012-12-19T09:40:34Z | - |
dc.date.issued | 1996 | en_US |
dc.identifier.citation | European Journal Of Operational Research, 1996, v. 92 n. 2, p. 254-265 | en_US |
dc.identifier.issn | 0377-2217 | en_US |
dc.identifier.uri | http://hdl.handle.net/10722/177848 | - |
dc.description.abstract | Very often, the service level of a single-period newsboy-type product is set at such a low level that: (i) stockouts occur in the majority of the periods, and (ii) a large right-hand side of the empirical demand distribution is never observable. This paper reports a practical approach for estimating the periodic-demand distribution of such a product. The approach has three components: (i) using the non-parametric 'product limit' method to estimate the fractiles of the observable left-hand side of the empirical distribution; (ii) using a subjective approach and an 'extrapolation of hourly sales' approach to 'fill in' the missing right-hand side of the empirical distribution; (iii) fitting the estimates obtained in the preceding two components to a Tocher curve - which can handle the diversity of shapes of a realistic demand distribution and is also computationally very convenient for subsequent calculations for production/inventory decisions. The entire approach is shown to be simpler but more powerful than existing alternatives for the problem. | en_US |
dc.language | eng | en_US |
dc.publisher | Elsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/ejor | en_US |
dc.relation.ispartof | European Journal of Operational Research | en_US |
dc.subject | Demand | en_US |
dc.subject | Distributions | en_US |
dc.subject | Inventory | en_US |
dc.subject | Statistics | en_US |
dc.subject | Statistics: Empirical | en_US |
dc.title | Estimating the demand distributions of single-period items having frequent stockouts | en_US |
dc.type | Article | en_US |
dc.identifier.email | Lau, AHL: ahlau@business.hku.hk | en_US |
dc.identifier.authority | Lau, AHL=rp01072 | en_US |
dc.description.nature | link_to_subscribed_fulltext | en_US |
dc.identifier.doi | 10.1016/0377-2217(95)00134-4 | en_US |
dc.identifier.scopus | eid_2-s2.0-0030190734 | en_US |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-0030190734&selection=ref&src=s&origin=recordpage | en_US |
dc.identifier.volume | 92 | en_US |
dc.identifier.issue | 2 | en_US |
dc.identifier.spage | 254 | en_US |
dc.identifier.epage | 265 | en_US |
dc.identifier.isi | WOS:A1996UZ25200003 | - |
dc.publisher.place | Netherlands | en_US |
dc.identifier.scopusauthorid | Lau, HS=7201497264 | en_US |
dc.identifier.scopusauthorid | Lau, AHL=7202626080 | en_US |
dc.identifier.issnl | 0377-2217 | - |