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Optimal inventory replenishment policy for a queueing system with finite waiting room capacity

Title
Optimal inventory replenishment policy for a queueing system with finite waiting room capacity
Authors
Kim E.
Ewha Authors
김은갑
SCOPUS Author ID
김은갑scopus
Issue Date
2005
Journal Title
European Journal of Operational Research
ISSN
0377-2217JCR Link
Citation
vol. 161, no. 1, pp. 256 - 274
Indexed
SCOPUS; SCIE WOS scopus
Abstract
We treat an inventory control problem in a facility that provides a single type of service for customers. Items used in service are supplied by an outside supplier. To incorporate lost sales due to service delay into the inventory control, we model a queueing system with finite waiting room and non-instantaneous replenishment process and examine the impact of finite buffer on replenishment policies. Employing a Markov decision process theory, we characterize the optimal replenishment policy as a monotonic threshold function of reorder point under the discounted cost criterion. We present a simple procedure that jointly finds optimal buffer size and order quantity. © 2003 Elsevier B.V. All rights reserved.
DOI
10.1016/j.ejor.2002.12.001
Appears in Collections:
경영대학 > 경영학전공 > Journal papers
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