ANALYSIS OF TWO COMMODITY MARKOVIAN INVENTORY SYSTEM WITH LEAD TIME

  • Anbazhagan, N. (Department of Applied Mathematics and statistics, Madurai Kamaraj University) ;
  • Arivarignan, G. (Department of Applied Mathematics and statistics, Madurai Kamaraj University)
  • Published : 2001.05.01

Abstract

A two commodity continuous review inventory system with independent Poisson processes for the demands is considered in this paper. The maximum inventory level for the i-th commodity fixed as $S_i$(i = 1,2). The net inventory level at time t for the i-th commodity is denoted by $I_i(t),\;i\;=\;1,2$. If the total net inventory level $I(t)\;=\;I_1(t)+I_2(t)$ drops to a prefixed level s $[{\leq}\;\frac{({S_1}-2}{2}\;or\;\frac{({S_2}-2}{2}]$, an order will be placed for $(S_{i}-s)$ units of i-th commodity(i=1,2). The probability distribution for inventory level and mean reorders and shortage rates in the steady state are computed. Numerical illustrations of the results are also provided.

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References

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