Rationing policies for some inventory systems

Rationing policies for some inventory systems

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Article ID: iaor19992186
Country: United Kingdom
Volume: 49
Issue: 5
Start Page Number: 509
End Page Number: 518
Publication Date: May 1998
Journal: Journal of the Operational Research Society
Authors: ,
Keywords: simulation
Abstract:

This paper considers inventory systems which maintain stocks 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 minimisation model has been developed analytically. Finally, we address a continuous review (Q, r) model with a compound Poisson process.

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