### Optimal control polices for an inventory system with phase type distribution of lead time

ZHANG Shuang, YUE De-quan

1. School of Science, Yanshan University, Qinhuangdao 066004, Hebei, China
• Received:2017-01-23 Online:2017-09-20 Published:2017-09-15

Abstract: A lost sales inventory system with phase type distribution of lead time and continuous-review (s, Q) replenishment policy was studied. Using the theory of Markov process, the steady state equilibrium equation was established, and the steady probability of the system was obtained. The minimum cost optimization model under certain service level was given. Using numerical example, the optimal inventory policy was calculated, and the sensitivity of the system parameters was analyzed.

CLC Number:

• O226
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