Stocking of prescribed sizes of an item

Document Type

Article

Publication Date

1-1-1989

Abstract

In this paper we consider an item that is sold in a number of different prescribed sizes, an example being an item of clothing. We first deal with the situation where the total demand for a forthcoming period is known accurately but only historical or subjective estimates of the fractions of demand in each size are available. A procedure is developed for optimally allocating a given stock budget among the different sizes. Its performance is compared with a simpler, proportional allocation scheme. The numerical examples include data on clothing provided by a major municipal organization. The case where the total demand is a random variable is also treated. © 1989, Operational Research Society Ltd.

Publication Source (Journal or Book title)

Journal of the Operational Research Society

First Page

719

Last Page

727

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