Numerical analysis of (s, S) inventory systems with repeated attempts

Numerical analysis of (s, S) inventory systems with repeated attempts

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Article ID: iaor20062421
Country: Netherlands
Volume: 141
Issue: 1
Start Page Number: 67
End Page Number: 83
Publication Date: Jan 2006
Journal: Annals of Operations Research
Authors: , ,
Keywords: queues: theory, markov processes
Abstract:

This paper deals with a continuous review (s, S) inventory system where arriving demands finding the system out of stock, leave the service area and repeat their request after some random time. This assumption introduces a natural alternative to classical approaches based either on lost demand models or on backlogged models. The stochastic model formulation is based on a bidimensional Markov process which is numerically solved to investigate the essential operating characteristics of the system. An optimal design problem is also considered.

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