Stock optimization for service differentiated demands with fill rate and waiting time requirements |
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Authors: | Oguzhan Vicil Peter Jackson |
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Institution: | 1. Engineering Systems Design, Singapore University of Technology and Design, 8 Somapah Road, Building 1, Level 7, Singapore 487372, Singapore |
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Abstract: | We develop a computationally efficient optimization procedure to optimize stock and rationing levels for a model consisting of a single product with two priority–demand classes, given by mutually independent, stationary, Poisson demand processes. Each priority class has its own service levels requirements, defined by the class-specific fill rate and expected waiting-time levels. Order lead times are independent and identically distributed random variables. This is the first study in this setting to consider both waiting-time constraints along with fill rate requirements. |
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Keywords: | Threshold rationing policies Continuous review lot-for-lot policy Priority–demand classes Service levels Backorder systems Inventory allocation |
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