Optimal continuous production-inventory systems subject to stockout risk

This paper studies a continuous-review production-inventory system with a constant production rate and compound Poisson demands, in which the cost of the system is assessed with holding cost and stockout penalty. For any initial inventory, we derive closed form expression for the expected discounted...

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Bibliographic Details
Published in:	Annals of operations research Vol. 317; no. 2; pp. 777 - 804
Main Author:	Shi, Jim
Format:	Journal Article
Language:	English
Published:	New York Springer US 01.10.2022 Springer Springer Nature B.V
Subjects:	Algorithms Analysis Approximation Business and Management Closed form solutions Combinatorics Continuous production Cost function Demand (Economics) Exact solutions Feinberg: Probability Health care Inventory Inventory control Inventory management Literature reviews Manufacturing Mathematical optimization Membrane separation Methods Operations research Operations Research/Decision Theory Optimization Penalty function Pharmaceutical industry Probability distribution functions Production management Risk levels Risk management Shortages Theory of Computation United States Production process validation Production-inventory optimization Pharmaceutical industry Risk of stockout Compound Poisson demand
ISSN:	0254-5330, 1572-9338
Online Access:	Get full text
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