Continuous review (s,S) inventory model with limited backlogging levels and stochastic lead times

Continuous review (s,S) inventory model with limited backlogging levels and stochastic lead times

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Article ID: iaor1988436
Country: Japan
Volume: 31
Issue: 2
Start Page Number: 252
End Page Number: 264
Publication Date: Jun 1988
Journal: Journal of the Operations Research Society of Japan
Authors: ,
Keywords: statistics: regression, markov processes
Abstract:

An (s,S) inventory policy is studied for a continuous review inventory model in which backloggings are restricted at limited levels and stochastic lead tmes are allowed. The model assumes that at most one order is outstanding and demands occur in a Poisson process. The steady-state probability distributions of the inventory levels are derived so as to determine the long-run expected average cost. Then, an optimal solution is characterized and its computational procedure is presented.

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