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An inventory and order admission control policy for production systems with two customer classes

Ioannidis Efstratios

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URIhttp://purl.tuc.gr/dl/dias/3184602C-1CCF-47C0-98BA-4FE10048A321-
Identifierhttps://doi.org/10.1016/j.ijpe.2011.02.011-
Languageen-
Extent10en
TitleAn inventory and order admission control policy for production systems with two customer classesen
CreatorIoannidis Efstratiosen
CreatorΙωαννιδης Ευστρατιοςel
PublisherElsevieren
DescriptionΔημοσίευση σε επιστημονικό περιοδικόel
Content SummaryIn this paper we examine a Markovian single-stage system producing a single item to satisfy demand of two different customer classes. A simple threshold type heuristic policy is proposed for the joint control of inventories and backorders. Explicit forms of the steady-state probabilities under this policy are derived and used to assess the average profit rate of the system and determine the optimal control parameters. Certain properties of the average profit rate are established and used to develop computationally efficient algorithms for finding the optimal control parameter values. Numerical results show that the proposed policy is a very good approximation of the optimal policy and outperforms other commonly used policies.en
Type of ItemPeer-Reviewed Journal Publicationen
Type of ItemΔημοσίευση σε Περιοδικό με Κριτέςel
Licensehttp://creativecommons.org/licenses/by/4.0/en
Date of Item2015-11-07-
Date of Publication2011-
SubjectInventory rationingen
SubjectAdmission controlen
SubjectProduction controlen
SubjectMarkov chainsen
Bibliographic CitationS. Ioannidis, "An inventory and order admission control policy for production systems with two customer classes," International Journal of Production Economics, vol. 131, no. 2, pp. 663–673, Jun. 2011. doi: 10.1016/j.ijpe.2011.02.011en

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