Multi-stage linear programming is used to develop sheep replacement policies in a number of different situations. Policies are developed for eight and sixteen year periods assuming, firstly a constant feed supply, and secondly, an increasing feed supply over the period. The results show the optimal flock composition together with the sheep sale activities for each year of the plan. The marginal value products indicate which constraints are the most important and whether any should be relaxed in order to make the model more realistic. It is concluded that it is not necessary to use a very long planning period in order to determine the activities for the early years. The results from the shorter planning period appear to be consistent with long-term goals.