Sporadic and continuous clearing policies for a production/inventory system under an M/G demand process

Sporadic and continuous clearing policies for a production/inventory system under an M/G demand process

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Article ID: iaor20061119
Country: United States
Volume: 30
Issue: 2
Start Page Number: 354
End Page Number: 368
Publication Date: May 2005
Journal: Mathematics of Operations Research
Authors: , ,
Keywords: queues: applications
Abstract:

A production/inventory system is filled continuously at rate 1 and satisfies demands of independent identically distributed random sizes that arrive at Poisson times. For this system we consider two clearing policies. Under sporadic review, clearing takes place after a random time independent of the content process. Under continuous review, the system is cleared as soon as the inventory level reaches some pre-specified threshold. We derive explicit results for the associated expected discounted cost functionals under both types of clearing.

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