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      A dynamic rationing policy for continuous-review inventory systems

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      Author
      Fadıloǧlu, M. M.
      Bulut, Ö.
      Date
      2010
      Source Title
      European Journal of Operational Research
      Print ISSN
      0377-2217
      Electronic ISSN
      1745-7653
      Publisher
      Elsevier
      Volume
      202
      Issue
      3
      Pages
      675 - 685
      Language
      English
      Type
      Article
      Item Usage Stats
      127
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      156
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      Abstract
      Stock rationing is an inventory policy that allows differential treatment of customer classes without using separate inventories. In this paper, we propose a dynamic rationing policy for continuous-review inventory systems, which utilizes the information on the status of the outstanding replenishment orders. For both backordering and lost sales environments, we conduct simulation studies to compare the performance of the dynamic policy with the static critical level and the common stock policies and quantify the gain obtained. We propose two new bounds on the optimum dynamic rationing policy that enables us to tell how much of the potential gain the proposed dynamic policy realizes. We discuss the conditions under which stock rationing - both dynamic and static - is beneficial and assess the value of the dynamic policy.
      Keywords
      Dynamic rationing
      Multiple demand classes
      Rationing
      Simulation
      Backordering
      Continuous-review inventory systems
      Critical level
      Differential treatment
      Dynamic policy
      Inventory policies
      Lost sale
      Multiple demand classes
      Rationing
      Simulation
      Simulation studies
      Stock policy
      Inventory control
      Permalink
      http://hdl.handle.net/11693/22335
      Published Version (Please cite this version)
      http://dx.doi.org/10.1016/j.ejor.2009.05.043
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      • Department of Industrial Engineering 677
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