NDLI: Control policies for single-stage production systems with perishable inventory and customer impatience

Content Provider	Springer Nature Link
Author	Ioannidis, Stratos Jouini, Oualid Ecomopoulos, Angelos A. Kouikoglou, Vassilis S.
Copyright Year	2012
Abstract	We consider problems of inventory and admission control for make-to-stock production systems with perishable inventory and impatient customers. Customers may balk upon arrival (refuse to place orders) and renege while waiting (withdraw delayed orders) during stockouts. Item lifetimes and customer patience times are random variables with general distributions. Processing, setup, and customer inter-arrival times are however assumed to be exponential random variables. In particular, the paper studies two models. In the first model, the system suspends its production when its stock reaches a safety level and can resume later without incurring any setup delay or cost. In the second model, the system incurs setup delays and setup costs; during stockouts, all arriving customers are informed about anticipated delays and either balk or place their orders but cannot withdraw them later. Using results from the queueing literature, we derive expressions for the system steady-state probabilities and performance measures, such as profit from sales and costs of inventory, setups, and delays in filling customer orders. We use these expressions to find optimal inventory and admission policies, and investigate the impact of product lifetimes and customer patience times on system performance.
Starting Page	115
Ending Page	138
Page Count	24
File Format	PDF
ISSN	02545330
Journal	Annals of Operations Research
Volume Number	209
Issue Number	1
e-ISSN	15729338
Language	English
Publisher	Springer US
Publisher Date	2012-01-24
Publisher Place	Boston
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Queueing systems Perishable inventory Customer impatience Make-to-stock production Admission control Lead time estimation Operations Research/Decision Theory Combinatorics Theory of Computation
Content Type	Text
Resource Type	Article
Subject	Management Science and Operations Research

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