Dynamic inventory rationing strategies for inventory systems with two demand classes,Poisson demand and backordering |
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Authors: | Ruud H Teunter Willem K Klein Haneveld |
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Institution: | 1. Department of Management Science, Lancaster University Management School, Lancaster LA1 4YX, UK;2. University of Groningen, Department of Econometrics, P.O. Box 800, 9700 AV Groningen, The Netherlands |
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Abstract: | We study inventory systems with two demand classes (critical and non-critical), Poisson demand and backordering. We analyze dynamic rationing strategies where the number of items reserved for critical demand depends on the remaining time until the next order arrives. Different from results in the literature, we do not discretize demand but derive a set of formulae that determine the optimal rationing level for any possible value of the remaining time. Moreover, we show that the cost parameters can be captured in a single relevant dimension, which allows us to present the optimal rationing levels in charts and lookup tables that are easy to implement. Numerical examples illustrate that the optimal dynamic rationing strategy outperforms all static strategies with fixed rationing levels. |
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Keywords: | Inventory Demand classes Rationing |
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