Transient behaviour and entropy measures on an inventory system with two demand classes

This paper investigates impact of change of priority on a continuous review inventory system with a mixture of backorders and lost sales. The inter-arrival processes are assumed to be exponentially distributed. The objective is to minimize the anticipated total cost rate by simultaneously optimizing the maximum inventory level and backorders. An entropy-based uncertainty metric for evaluating the operating performance is demonstrated. The proposed modification offers the practical value of establishing how the long-run cost rate is reduced. Various system performance measures are derived. Arrival rate of type-1(high priority) demands λ 2 KeywordsArrival rate of type-2(low priority) demands L(t)On-hand inventory level at time t φ i

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Literature review of deteriorating inventory models by key topics from 2012 to 2015

Janssen

Claus

Sauer

2016

International Journal of Production Economics

226

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Transient behaviour and entropy measures on an inventory system with two demand classes

Cited by 5 publications

References 13 publications

Joint production, inventory rationing, and order admission control of a stochastic manufacturing system with setups

Joint production, inventory rationing, and order admission control of a stochastic manufacturing system with setups

Cost-Effective Optimization on a Two Demand Classes Inventory System

Literature review of deteriorating inventory models by key topics from 2012 to 2015

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