Journal
MATHEMATICS OF OPERATIONS RESEARCH
Volume 30, Issue 2, Pages 354-368Publisher
INFORMS
DOI: 10.1287/moor.1040.0123
Keywords
production/inventory system; sporadic and continuous clearing policies
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A production/inventory system is filled continuously at rate I and satisfies demands of i.i.d. random sizes that arrive at Poisson times. For this system we consider two clearing policies. Under sporadic review, clearing takes place after a random time independent of the content process. Under continuous review, the system is cleared as soon as the inventory level reaches some pre-specified threshold. We derive explicit results for the associated expected discounted cost functionals under both types of clearing.
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