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Optimal production and rationing policies of a make-to-stock production system with batch demand and backordering |
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| Authors: | Jianjun Xu Shaoxiang Chen Rohit Bhatnagar |
| Institution: | a Division of Information Technology and Operations Management, Nanyang Business School, Nanyang Technological University, Nanyang Avenue, Singapore 639798, Singapore b Singapore-MIT Alliance Program, Nanyang Technological University, Nanyang Avenue, Singapore 639798, Singapore |
| Abstract: | In this paper, we consider the stock rationing problem of a single-item make-to-stock production/inventory system with multiple demand classes. Demand arrives as a Poisson process with a randomly distributed batch size. It is assumed that the batch demand can be partially satisfied. The facility can produce a batch up to a certain capacity at the same time. Production time follows an exponential distribution. We show that the optimal policy is characterized by multiple rationing levels. |
| Keywords: | Production Inventory Rationing Markov decision process Batch demand |
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