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Rationing policies for some inventory systems. (English) Zbl 1131.90306
Summary: This paper considers inventory systems which maintain stocks to meet various demand classes with different priorities. We use the concept of a support level control policy. That is rationing is accomplished by maintaining a support level, say $$K$$, such that when on hand stock reaches $$K$$, all low priority demands are backordered. We develop four analytical and simulation models to improve the existing models. Firstly, multiple support levels are used instead of using a single support level. Secondly, a simulation model with a more realistic assumption on the demand process has been provided. Thirdly, a single period deterministic cost minimisation model has been developed analytically. Finally, we address a continuous review $$(Q, r)$$ model with a compound Poisson process.

##### MSC:
 90B05 Inventory, storage, reservoirs
##### Keywords:
inventory; rationing policy; simulation
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