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An efficient inventory rationing strategy for systems with two demand classes and backordering

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  • Shudong Liu
  • Changyong Zhang

Abstract

For systems with two customer classes and backordering, the formulae for the optimal dynamic critical levels in the literature are too complex to be extended to large values of critical levels. In this paper, an efficient method is introduced to obtain approximate closed-form expressions for the dynamic critical levels, even for large values. It is further verified by numerical results the accuracy of the approximate expressions, from which important managerial insights can be obtained.

Suggested Citation

  • Shudong Liu & Changyong Zhang, 2015. "An efficient inventory rationing strategy for systems with two demand classes and backordering," International Journal of Production Research, Taylor & Francis Journals, vol. 53(20), pages 6136-6142, October.
    • Handle: RePEc:taf:tprsxx:v:53:y:2015:i:20:p:6136-6142
    DOI: 10.1080/00207543.2015.1027013
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    Cited by:

    1. Stratos Ioannidis & Alexandros S. Xanthopoulos & Ioannis Sarantis & Dimitrios E. Koulouriotis, 2021. "Joint production, inventory rationing, and order admission control of a stochastic manufacturing system with setups," Operational Research, Springer, vol. 21(2), pages 827-855, June.

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