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An Order-Level-Scheduling-Period System with Lost Sales

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  • Israel Pressman

    (Baruch College, CUNY)

Abstract

An order-level-scheduling-period system with lost sales is considered. The zero leadtime case is analyzed first and a method for computing the total average cost is presented. The nonzero leadtime case is then treated for a scheduling period of one time unit. The average cost for this case depends on the distribution of the inventory available on hand. This random variable, on-hand inventory, is denoted by Q and its distribution is given by g(Q). Methodologies are presented for finding this distribution for any leadtime L. A comparison of the Markov chain approach and the direct solution approach for finding g(Q) is also given.

Suggested Citation

  • Israel Pressman, 1977. "An Order-Level-Scheduling-Period System with Lost Sales," Management Science, INFORMS, vol. 23(12), pages 1328-1335, August.
    • Handle: RePEc:inm:ormnsc:v:23:y:1977:i:12:p:1328-1335
    DOI: 10.1287/mnsc.23.12.1328
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    Cited by:

    1. Bijvank, Marco & Vis, Iris F.A., 2011. "Lost-sales inventory theory: A review," European Journal of Operational Research, Elsevier, vol. 215(1), pages 1-13, November.
    2. David A. Goldberg & Dmitriy A. Katz-Rogozhnikov & Yingdong Lu & Mayank Sharma & Mark S. Squillante, 2016. "Asymptotic Optimality of Constant-Order Policies for Lost Sales Inventory Models with Large Lead Times," Mathematics of Operations Research, INFORMS, vol. 41(3), pages 898-913, August.
    3. Yang, Lei & Yang, Jian & Yu, Gang & Zhang, Hanqin, 2011. "Near-optimal (r,Q) policies for a two-stage serial inventory system with Poisson demand," International Journal of Production Economics, Elsevier, vol. 133(2), pages 728-735, October.

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