The Optimal Dynamic Rationing Policy in the Stock-Rationing Queue.
Quan-Lin LiYi-Meng LiJing-Yu MaHeng-Li LiuPublished in: AAIM (2022)
Keyphrases
- state dependent
- optimal production
- optimal policy
- steady state
- inventory level
- base stock policy
- holding cost
- production process
- asymptotically optimal
- inventory policy
- queue length
- arrival rate
- expected cost
- single server
- production system
- queueing networks
- service level
- dynamic programming
- fluid model
- service rates
- stationary distribution
- base stock levels
- markov chain
- finite horizon
- inventory management
- lost sales
- manufacturing systems
- lead time
- total cost
- planning horizon
- dynamic environments
- setup cost
- single item
- customer demand
- service times
- long run
- raw material
- stock market
- stochastic demand
- inventory models
- worst case
- state space
- reinforcement learning