An Efficient Inventory Rationing Strategy for Systems with Two Demand Classes and Backordering
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 dyn...
| Main Authors: | , |
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| Format: | Journal Article |
| Published: |
Taylor & Francis
2015
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| Online Access: | http://hdl.handle.net/20.500.11937/45833 |
| _version_ | 1848757394918604800 |
|---|---|
| author | Liu, S. Zhang, Changyong |
| author_facet | Liu, S. Zhang, Changyong |
| author_sort | Liu, S. |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | 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. |
| first_indexed | 2025-11-14T09:27:24Z |
| format | Journal Article |
| id | curtin-20.500.11937-45833 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| last_indexed | 2025-11-14T09:27:24Z |
| publishDate | 2015 |
| publisher | Taylor & Francis |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-458332017-09-13T14:25:25Z An Efficient Inventory Rationing Strategy for Systems with Two Demand Classes and Backordering Liu, S. Zhang, Changyong 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. 2015 Journal Article http://hdl.handle.net/20.500.11937/45833 10.1080/00207543.2015.1027013 Taylor & Francis restricted |
| spellingShingle | Liu, S. Zhang, Changyong An Efficient Inventory Rationing Strategy for Systems with Two Demand Classes and Backordering |
| title | An Efficient Inventory Rationing Strategy for Systems with Two Demand Classes and Backordering |
| title_full | An Efficient Inventory Rationing Strategy for Systems with Two Demand Classes and Backordering |
| title_fullStr | An Efficient Inventory Rationing Strategy for Systems with Two Demand Classes and Backordering |
| title_full_unstemmed | An Efficient Inventory Rationing Strategy for Systems with Two Demand Classes and Backordering |
| title_short | An Efficient Inventory Rationing Strategy for Systems with Two Demand Classes and Backordering |
| title_sort | efficient inventory rationing strategy for systems with two demand classes and backordering |
| url | http://hdl.handle.net/20.500.11937/45833 |