Production-inventory systems in stochastic environment and stochastic lead times

@article{Kulkarni2012ProductioninventorySI,
  title={Production-inventory systems in stochastic environment and stochastic lead times},
  author={Vidyadhar G. Kulkarni and Keqi Yan},
  journal={Queueing Syst.},
  year={2012},
  volume={70},
  pages={207-231}
}
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… CONTINUE READING
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Modeling and Analysis of Stochastic Systems, 2nd edn

  • V. G. Kulkarni
  • CRC Press, Boca Raton
  • 2009
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