A Safety Margin Model for Revenue Management in a Make-to-Stock Production System
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چکیده
Although revenue management (RM) originates from service industries, its ideas are also relevant for manufacturing environment. In this paper, we consider RM approaches for demand fulfillment in a make-to-stock (MTS) production system with known exogenous replenishments and stochastic demand from multiple customer classes. We propose a safety margin model which borrows the “safety stock” idea from inventory management to account for demand uncertainty and sets up booking limits for each customer class.
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