The Markov model for base-stock control of an inventory system with Poisson demand, non-crossing lead times and lost sales

Søren Glud Johansen

International Journal of Production Economics, 2021, vol. 231, issue C

Abstract: We study base-stock control of a continuous review single-item inventory system with Poisson demand and lost sales. The item is supplied by an exogenous and sequential system with stochastic lead times (LTs) specified by their mean and standard deviation (SD). Define R as the square of mean/SD and define r as the smallest integer which is at least R. When RKeywords: Base-stock policy; Non-crossing lead times; Generalized Erlangian; Hypo-exponential; Lost sales (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:eee:proeco:v:231:y:2021:i:c:s0925527320302723

DOI: 10.1016/j.ijpe.2020.107913

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