Template-Type: ReDIF-Paper 1.0
Author-Name: Bazsa-Oldenkamp, E.M.
Author-Name-Last: Bazsa-Oldenkamp
Author-Name-First: Emö
Author-Name: den Iseger, P.
Author-Name-Last: den Iseger
Title: A new perspective on inventory systems
Abstract: In this article a single item inventory model with backlogging is analyzed, which is a
 generalization of the most well-known simple models. This formulation enables us to separate the analysis of the system to the analysis of the control rule (reduced to the analysis of a Markov chain) and of the time stationary distribution for the arrival process of customers. This facilitates a much better understanding of such systems. A simple sample path argument enables a straightforward derivation of average holding costs, ordering costs, services measures. A recently developed algorithm of Laplace transform inversion technique provides us with an efficient tool for the computation of these cost expressions.
Creation-Date: 2000-04-12
File-URL: https://repub.eur.nl/pub/1646/1646_ps.pdf
File-Format: application/pdf
Series: RePEc:ems:eureir
Number: EI 2000-13/A
Keywords: Inventory control, Markov chains, Stochastic compound demand processes
Handle: RePEc:ems:eureir:1646