Application of queuing theory in production-inventory optimization

Reza Rashid · Seyed Farzad Hoseini · Mohammad Reza Gholamian · Mohammad Feizabadi

27 citations0/0 files storedJournal of industrial engineering international

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Supply Chain and Inventory Management Management and Optimization Techniques Advanced Queuing Theory Analysis

Abstract

This paper presents a mathematical model for an inventory control system in which customers’ demands and suppliers’ service time are considered as stochastic parameters. The proposed problem is solved through queuing theory for a single item. In this case, transitional probabilities are calculated in steady state. Afterward, the model is extended to the case of multi-item inventory systems. Then, to deal with the complexity of this problem, a new heuristic algorithm is developed. Finally, the presented bi-level inventory-queuing model is implemented as a case study in Electroestil Company.

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References

1997Stock-rationing policy for a make-to-stock production system with two priority classes and backordering 1997Continuous-review inventory problem with random supply interruptions 2007Supply chain coordination: A game-theory approach 2006An integrated production and inventory model to dampen upstream demand variability in the supply chain 2004Inventory control in a multi-supplier system 2013Joint-optimization of inventory policies on a multi-product multi-echelon pharmaceutical system with batching and ordering constraints 2010Analysis of order-up-to-level inventory systems with compound Poisson demand 2014Joint replenishment model with substitution

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