Stochastic Inventory System With Different Rates of Production

Background

Numerous analysts in the field have officially completed a broad research work by accepting a steady rate of rot and consistent interest yet utilize a deterministic methodology that does not mull over the vulnerability of interest. In the case of backlogging, the backlogged demands are satisfied immediately when the ordered items are materialized. However, in some real-life situations the backlogged demands may have to wait even after the stock is replenished. This type of inventory problems is called inventory with postponed demands. Authors of the article added uncertainty by including a new variable that reflects the probability of different scenarios. A comprehensive and detailed review of the vacation queueing model can be found in the survey by Doshi (1986) and the books by Tian and Zhang (2006), Servi and Finn (2002)were first to study the queueing system with working vacation and provide the analysis of WDM optical access network using multiple wavelengths. According to Donald Erlenkotter (1990), Ford Whitman Harris first presented the familiar economic order quantity (EOQ) model in a paper published in 1913. Even though Harris's original paper was disseminated widely, it apparently was unnoticed for many years before its rediscovery in 1988. During this period much confusion developed over the origin of the EOQ model. Nahmias (1982) provided a reference list of 77 periodicals and books dealing with the ordering policies for perishable inventories. For more recent works on the busy period analysis of M/G/1/K we refer to Lee (1984). Ghosh et al. (2012) studied an optimal inventory replenishment policy for a deteriorating time quadratic demand and time-dependent partial backlogging, which depends on the length of the waiting time for the next replenishment over a finite time horizon and variable replenishment cycle. Selvaraju et al. (2013) analyzed an queue for two different working vacation termination policies namely a multiple working vacation policy and a single working vacation policy. Closed form solution and various performance measures like mean queue length and mean waiting times are derived.