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Dynamic inventory strategies for profit maximization in a service facility with stochastic service, demand and lead time

Title
Dynamic inventory strategies for profit maximization in a service facility with stochastic service, demand and lead time
Authors
Berman O.Kim E.
Ewha Authors
김은갑
SCOPUS Author ID
김은갑scopus
Issue Date
2004
Journal Title
Mathematical Methods of Operations Research
ISSN
1432-2994JCR Link
Citation
vol. 60, no. 3, pp. 497 - 521
Indexed
SCIE; SCOPUS WOS scopus
Abstract
This paper addresses an optimal inventory control in a supply chain in which customers arrive at a facility according to a Poisson process and the facility provides service which takes exponential amounts of time, using items supplied by an outside supplier with exponential lead time process. Formulating our model as a Markov decision problem, we identify a replenishment policy which maximizes the facility's profit subject to the costs of service delay, inventory holding, and replenishment setup and analytically examine how the changes in system parameters affect the optimal profit and the optimal replenishment policy. We show that these results can be extended to Erlang lead time process. We present numerical study for the optimal performance evaluation and comparison of the optimal replenishment policy with (Q, r) policy.
DOI
10.1007/s001860400369
Appears in Collections:
경영대학 > 경영학전공 > Journal papers
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