Production and Inventory Rationing in a Make-to-Stock System With a Failure-Prone Machine and Lost Sales.
T. C. E. ChengChunyan GaoHoucai ShenPublished in: IEEE Trans. Autom. Control. (2011)
Keyphrases
- lost sales
- inventory level
- production rate
- production inventory
- lead time
- expected cost
- inventory systems
- inventory models
- optimal production
- production system
- total cost
- optimal policy
- single stage
- state dependent
- sample path
- inventory control
- production cost
- inventory management
- base stock policy
- periodic review
- infinite horizon
- stochastic demand
- long run
- stochastic process
- dynamic pricing
- customer demand
- single period
- raw material
- cost function
- single product
- inventory holding
- stochastic lead times
- stochastic inventory
- ordering policy
- base stock policies
- planning horizon
- service level
- supply chain
- dynamic programming
- fixed cost
- single item
- failure rate
- stationary distribution
- steady state