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Rationing policies for some inventory systems
Cited 0 time in
Web of Science
Cited 53 time in Scopus
- Authors
- Issue Date
- 1998-05
- Publisher
- Palgrave Macmillan
The OR Society
- Citation
- Journal of the Operational Research Society 49: 509-518
- Keywords
- inventory ; rationing policy ; simulation
- 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
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