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Rationing policies for some inventory systems

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Authors
Moon, I; Kang, Suk-Ho
Issue Date
1998-05
Publisher
Palgrave Macmillan
The OR Society
Citation
Journal of the Operational Research Society 49: 509-518
Keywords
inventoryrationing policysimulation
Abstract
This paper considers inventory systems which maintain stock to meet various demand classes with different priorities. We use the concept of a support level control policy. That is rationing is accomplished by maintaining a support level, say K, such that when on hand stock reaches K, all low priority demands are backordered. We develop four analytical and simulation models to improve the existing models. Firstly, multiple support levels are used instead of using a single support level. Secondly, a simulation model with a more realistic assumption on the demand process has been provided. Thirdly, a single period deterministic cost minimization model has been developed analytically. Finally, we address continuous review (Q, r) model with a compound Poisson process.
ISSN
0160-5682 (print)
1475-9360 (online)
Language
English
URI
http://hdl.handle.net/10371/7653
DOI
https://doi.org/10.1057/palgrave.jors.2600556
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College of Engineering/Engineering Practice School (공과대학/대학원)Dept. of Industrial Engineering (산업공학과)Journal Papers (저널논문_산업공학과)
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