Convex backorders of a rationing inventory policy with two different demand classes

Escalona, Pablo; Ordóñez, Fernando; Iturrieta, Edgard

doi:10.1051/ro/2016029

Geodesic

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Convex backorders of a rationing inventory policy with two different demand classes

Escalona, Pablo ¹ ; Ordóñez, Fernando ² ; Iturrieta, Edgard ¹

¹ Department of Industrial Engineering, Universidad Técnica Federico Santa María, Avenida España 1680, Valparaíso, Chile
² Department of Industrial Engineering, Universidad de Chile, República 701, Santiago, Chile

RAIRO - Operations Research - Recherche Opérationnelle, Tome 51 (2017) no. 2, pp. 359-373

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Résumé

We study the constant critical level policy for fast-moving items of an inventory system facing random demands from two customer classes (high and low priority). We consider a continuous review $(Q, r, C)$ policy with continuously distributed demands. Using the properties of the nondecreasing stationary stochastic demand and the threshold clearing mechanism we formulate a convex cost minimization problem to determine the optimal parameters of the critical level policy, which can be optimally solved through KKT conditions. For instances we tested, computational results show that the critical level policy induce a benefit on average $5.9 %$ and $33.5 %$ against the round-up and separate stock policies respectively.

Reçu le : 2015-08-03
Accepté le : 2016-04-23

MR Zbl

DOI : 10.1051/ro/2016029

Classification : 90B05
Keywords: Inventory system, critical level policy, shortage penalty cost, fast moving items, two demand classes

Affiliations des auteurs :

Escalona, Pablo ¹ ; Ordóñez, Fernando ² ; Iturrieta, Edgard ¹

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     author = {Escalona, Pablo and Ord\'o\~nez, Fernando and Iturrieta, Edgard},
     title = {Convex backorders of a rationing inventory policy with two different demand classes},
     journal = {RAIRO - Operations Research - Recherche Op\'erationnelle},
     pages = {359--373},
     publisher = {EDP-Sciences},
     volume = {51},
     number = {2},
     year = {2017},
     doi = {10.1051/ro/2016029},
     mrnumber = {3657429},
     zbl = {1365.90013},
     language = {en},
     url = {http://geodesic.mathdoc.fr/articles/10.1051/ro/2016029/}
}

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Escalona, Pablo; Ordóñez, Fernando; Iturrieta, Edgard. Convex backorders of a rationing inventory policy with two different demand classes. RAIRO - Operations Research - Recherche Opérationnelle, Tome 51 (2017) no. 2, pp. 359-373. doi: 10.1051/ro/2016029

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