An embedded Markov chain approach to stock rationing under batch orders
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Date
2019
Authors
Mehmet Murat Fadiloglu
Önder Bulut
Journal Title
Journal ISSN
Volume Title
Publisher
Elsevier B.V.
Open Access Color
Green Open Access
Yes
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Publicly Funded
No
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Average
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Abstract
We provide an extension to the embedded Markov chain approach of Fadiloglu and Bulut (2010) for the analysis of lot-per-lot inventory systems with backorders under rationing. This extension generalizes the method so that it can be used for the analysis under (QR) policy. We introduce a new embedded Markov chain of higher dimensionality that keeps track of the ordering process. We finally provide a recursive procedure to generate the steady-state probabilities from the chain and obtain the steady-state distribution. © 2019 Elsevier B.V. All rights reserved.
Description
Keywords
Batch Orders, Embedded Markov Chains, Inventory Models, Rationing, Embedded Systems, Inventory Control, Probability Distributions, Batch Orders, Embedded Markov Chain, Inventory Models, Inventory Systems, Rationing, Recursive Procedure, Steady State Probabilities, Steady-state Distributions, Markov Processes, Embedded systems, Inventory control, Probability distributions, Batch orders, Embedded Markov chain, Inventory models, Inventory systems, Rationing, Recursive procedure, Steady state probabilities, Steady-state distributions, Markov processes, inventory models, rationing, Inventory, storage, reservoirs, batch orders, embedded Markov chains
Fields of Science
0211 other engineering and technologies, 02 engineering and technology, 0101 mathematics, 01 natural sciences
Citation
WoS Q
Scopus Q
OpenCitations Citation Count
4
Source
Operations Research Letters
Volume
47
Issue
Start Page
92
End Page
98
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