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Operating Characteristics of a Simple Production, Inventory-Control Model

Author

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  • D. P. Gaver

    (Department of Mathematics, Westinghouse Research Laboratories, Pittsburgh, Pennsylvania)

Abstract

Queuing theory is adapted to study the coordination of a continuous-level production rate with a base-stock level inventory policy, where the latter is depleted by a particular random demand process. Figures of merit for the combined production, inventory system (such as stock-out probability and expected demand delay, average inventory level, and production idleness probability) are given in terms of demand parameters, production rate, and maximum stock level. Costs are discussed, and a criteria is given for deciding when the stocking of inventory is economically desirable. Improvements in the model are proposed.

Suggested Citation

  • D. P. Gaver, 1961. "Operating Characteristics of a Simple Production, Inventory-Control Model," Operations Research, INFORMS, vol. 9(5), pages 635-649, October.
  • Handle: RePEc:inm:oropre:v:9:y:1961:i:5:p:635-649
    DOI: 10.1287/opre.9.5.635
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    Cited by:

    1. Sajadieh, Mohsen S. & Larsen, Christian, 2015. "A coordinated manufacturer-retailer model under stochastic demand and production rate," International Journal of Production Economics, Elsevier, vol. 168(C), pages 64-70.

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