Abstract
We provide an extension to the embedded Markov chain approach of Fadiloglu and Bulut (2010) for the analysis of lot-per-lot inventory systems with backorders under rationing. This extension generalizes the method so that it can be used for the analysis under (Q,R) policy. We introduce a new embedded Markov chain of higher dimensionality that keeps track of the ordering process. We finally provide a recursive procedure to generate the steady-state probabilities from the chain and obtain the steady-state distribution.
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