✍ Scribed by Karin Möllering
No coin nor oath required. For personal study only.
The last decades have seen an increasing diversity of customer expectations and growing competitive pressure for a wide variety of industries. Customer segmentation and subsequent inventory rationing provide a way to cope with those customer demands while maintaining a competitive offer. The general idea resembles the yield management practised in the airline or hotel industries: Demand fulfilment for low priority customers might be refused or delayed in order to reserve stock for more important clients.
This dissertation thesis from Karin Möllering provides a comprehensive introduction to inventory rationing. It gives an overview of the different approaches studied and identifies state-of-the-art rules. In a second step, the book particularly focuses on an easy-to-implement but highly efficient rationing strategy. For this strategy, a mathematical model is developed that allows for optimization under different objectives.
Potential readership includes scholars of inventory control and management science, students interested in these areas as well as practitioners involved in formulating and implementing rationing strategies.
Front Matter ....Pages i-xxi
Introduction (Karin Möllering)....Pages 1-6
Front Matter ....Pages 7-7
Basic Concepts of Inventory Management (Karin Möllering)....Pages 9-20
Stochastic Inventory Control (Karin Möllering)....Pages 21-32
Front Matter ....Pages 33-33
Markov Chains (Karin Möllering)....Pages 35-46
Numerical Solution of Infinite Markov Chains (Karin Möllering)....Pages 47-57
Comparing Stochastic Processes (Karin Möllering)....Pages 59-62
Front Matter ....Pages 63-63
Introduction to Inventory Rationing (Karin Möllering)....Pages 65-82
A Markov-Chain Based Modeling Approach (Karin Möllering)....Pages 83-96
Prioritization by Penalty Costs (Karin Möllering)....Pages 97-110
Prioritization by Service Levels (Karin Möllering)....Pages 111-134
Dynamic Rationing Policies (Karin Möllering)....Pages 135-155
Conclusion and Critical Review (Karin Möllering)....Pages 157-161
Back Matter ....Pages 163-172
Economics; Econometrics
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