A complete algebraic solution to the optimal dynamic rationing policy in the stock-rationing queue with two demand classes.
Quan-Lin LiYi-Meng LiJing-Yu MaHeng-Li LiuPublished in: J. Comb. Optim. (2023)
Keyphrases
- state dependent
- holding cost
- base stock levels
- inventory level
- optimal production
- inventory policy
- base stock policy
- optimal policy
- lead time
- service level
- steady state
- lost sales
- asymptotically optimal
- expected cost
- arrival rate
- single item
- planning horizon
- single server
- queue length
- queueing networks
- infinite horizon
- customer demand
- periodic review
- markov chain
- setup cost
- finite horizon
- inventory systems
- finished goods inventory
- optimal solution
- stochastic demand
- long run
- single product
- inventory models
- average cost
- total cost
- closed form
- production cost
- stationary distribution
- control policy
- dynamic programming
- base stock policies
- state space
- inventory control
- supply chain
- service times
- fluid model
- multi item
- optimal pricing
- markov decision processes
- reinforcement learning
- raw material
- call center
- optimal strategy
- heavy traffic
- production rate
- production system
- order quantity
- integer programming
- fixed cost
- ordering cost
- lot sizing
- production process