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Article: Estimating the demand distributions of single-period items having frequent stockouts

TitleEstimating the demand distributions of single-period items having frequent stockouts
Authors
KeywordsDemand
Distributions
Inventory
Statistics
Statistics: Empirical
Issue Date1996
PublisherElsevier 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?
AbstractVery 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 Identifierhttp://hdl.handle.net/10722/177848
ISSN
2015 Impact Factor: 2.679
2015 SCImago Journal Rankings: 2.595
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorLau, HSen_US
dc.contributor.authorLau, AHLen_US
dc.date.accessioned2012-12-19T09:40:34Z-
dc.date.available2012-12-19T09:40:34Z-
dc.date.issued1996en_US
dc.identifier.citationEuropean Journal Of Operational Research, 1996, v. 92 n. 2, p. 254-265en_US
dc.identifier.issn0377-2217en_US
dc.identifier.urihttp://hdl.handle.net/10722/177848-
dc.description.abstractVery 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.languageengen_US
dc.publisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/ejoren_US
dc.relation.ispartofEuropean Journal of Operational Researchen_US
dc.subjectDemanden_US
dc.subjectDistributionsen_US
dc.subjectInventoryen_US
dc.subjectStatisticsen_US
dc.subjectStatistics: Empiricalen_US
dc.titleEstimating the demand distributions of single-period items having frequent stockoutsen_US
dc.typeArticleen_US
dc.identifier.emailLau, AHL: ahlau@business.hku.hken_US
dc.identifier.authorityLau, AHL=rp01072en_US
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.doi10.1016/0377-2217(95)00134-4en_US
dc.identifier.scopuseid_2-s2.0-0030190734en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0030190734&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume92en_US
dc.identifier.issue2en_US
dc.identifier.spage254en_US
dc.identifier.epage265en_US
dc.identifier.isiWOS:A1996UZ25200003-
dc.publisher.placeNetherlandsen_US
dc.identifier.scopusauthoridLau, HS=7201497264en_US
dc.identifier.scopusauthoridLau, AHL=7202626080en_US

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