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A periodic review inventory model with Markovian supply availability

✍ Scribed by Mahmut Parlar; Yunzeng Wang; Yigal Gerchak

Publisher: Elsevier Science
Year: 1995
Tongue: English
Weight: 477 KB
Volume: 42
Category: Article
ISSN: 0925-5273
DOI: 10.1016/0925-5273(95)00115-8

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✦ Synopsis

Occasional

unavailability of materials and products has an impact on inventory decisions of utility companies, manufacturers, wholesalers and retailers. The possibility of periods of supply unavailability that start and end at random times has been recognized by inventory researchers, and incorporated into continuous-review models. The goal of this work is to address a periodic-review setting, with setup costs, where the probability that an order placed now is filled in full, as opposed to not at all, depends on whether supply was available in the previous period. We prove that the optimal inventory policy is of an (s, S) type, where s depends on the state of the supplier in the last period, while S does not. Some other issues are briefly discussed.

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