A periodic review inventory model with Markovian supply availability

Mahmut Parlar · Yunzeng Wang · Yigal Gerchak

112 citations0/0 files storedInternational Journal of Production Economics

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Supply Chain and Inventory Management Reliability and Maintenance Optimization Sustainable Supply Chain Management

Abstract

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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References

1989Handbooks in operations research and management science 1960MATHEMATICAL METHODS IN THE SOCIAL SCIENCES, 1959 1995Lot Sizing with Random Yields: A Review 2005The Optimality of (S,s) Policies in the Dynamic Inventory Problem 1964Mathematical Methods in the Social Sciences 1963Optimality of ( s , S ) Policies in the Infinite Horizon Dynamic Inventory Problem 1991Future supply uncertainty in EOQ models 1997Analysis of a Production/Inventory System Subject to Random Disruptions

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