Production-inventory systems in stochastic environment and stochastic lead times |
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Authors: | Vidyadhar Kulkarni Keqi Yan |
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Institution: | 1.Department of Statistics and Operations Research,University of North Carolina,Chapel Hill,USA;2.SAS Institute, Inc.,Cary,USA |
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Abstract: | We consider a production-inventory system where the production and demand rates are modulated by a finite state Continuous
Time Markov Chain (CTMC). When the inventory position (inventory on hand – backorders+inventory on order) falls to a reorder
point r, we place an order of size q from an external supplier. We consider the case of stochastic leadtimes, where the leadtimes are i.i.d. exponential(μ) random variables, and orders may or may not be allowed to cross. We derive the distribution of the inventory level, and
analyze the long run holding, backlogging, and ordering cost rate per unit time. We use simulation to study the sensitivity
of the system to the distribution of the lead times. |
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Keywords: | |
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