Design of multi-warehouse inventory model for an optimal replenishment policy using a Rain Optimization Algorithm

2021 ◽  
pp. 107406
Author(s):  
Sunil Kumar ◽  
Rajendra Prasad Mahapatra
Keyword(s):  
Optimization Algorithm ◽  
Inventory Model ◽  
Replenishment Policy

Replenishment policy for single item inventory model with money inflation

OPSEARCH ◽  
2009 ◽  
Vol 46 (3) ◽  
pp. 345-357 ◽  
Author(s):  
R. Uthayakumar ◽  
K. V. Geetha
Keyword(s):  
Inventory Model ◽  
Single Item ◽  
Replenishment Policy

scholarly journals An Inventory Model with Time-Dependent Demand and Limited Storage Facility under Inflation

2012 ◽  
Vol 2012 ◽  
pp. 1-17 ◽  
Author(s):  
Neeraj Kumar ◽  
S. R. Singh ◽  
Rachna Kumari
Keyword(s):  
Sensitivity Analysis ◽  
Cash Flow ◽  
Inventory Model ◽  
Problem Analysis ◽  
Present Value ◽  
Discounted Cash Flow ◽  
Deterioration Rate ◽  
Partial Backordering ◽  
Replenishment Policy ◽  
Dependent Demand

The main objective of this paper is to develop a two-warehouse inventory model with partial backordering and Weibull distribution deterioration. We consider inflation and apply the discounted cash flow in problem analysis. The discounted cash flow (DCF) and optimization framework are presented to derive the optimal replenishment policy that minimizes the total present value cost per unit time. When only rented or own warehouse model is considered, the present value of the total relevant cost is higher than the case when two-warehouse is considered. The results have been validated with the help of a numerical example. Sensitivity analysis with respect to various parameters is also performed. From the sensitivity analysis, we show that the total cost of the system is influenced by the deterioration rate, the inflation rate, and the backordering ratio.

scholarly journals A New Mathematical Inventory Model with Stochastic and Fuzzy Deterioration Rate under Inflation

2014 ◽  
Vol 2014 ◽  
pp. 1-10 ◽  
Author(s):  
Bahar Naserabadi ◽  
Abolfazl Mirzazadeh ◽  
Sara Nodoust
Keyword(s):  
Lead Time ◽  
Inflation Rate ◽  
Inventory Model ◽  
Time Dependent ◽  
Nonincreasing Function ◽  
Deterioration Rate ◽  
Fuzzy Function ◽  
First Case ◽  
Replenishment Policy ◽  
Demand Rate

This paper develops an inventory model for items with uncertain deterioration rate, time-dependent demand rate with nonincreasing function, and allowable shortage under fuzzy inflationary situation. The goods are not deteriorating upon reception, but the deteriorating starts after elapsing a specified time. The lead time and inflation rate are both uncertain in the model. The resultant effect of inflation and time value of money is assumed to be fuzzy in nature and also we consider lead time as a fuzzy function of order quantity. Furthermore the following different deterioration rates have been considered: for the first case we consider fuzzy deterioration rate and for the second case we assume that the deterioration rate is time dependent and follows Weibull distribution with three known parameters. Since the inflation rate, deterioration rate, and the lead time are fuzzy numbers, the objective function becomes fuzzy. Therefore the estimate of total costs for each case is derived using signed distance technique for defuzzification. The optimal replenishment policy for the model is to minimize the total present value of inventory system costs, derived for both the above mentioned policies. Numerical examples are then presented to illustrate how the proposed model is applied.

scholarly journals Order Level Inventory Models for Deteriorating Seasonable/Fashionable Products with Time Dependent Demand and Shortages

2009 ◽  
Vol 2009 ◽  
pp. 1-24 ◽  
Author(s):  
K. Skouri ◽  
I. Konstantaras
Keyword(s):  
Inventory Model ◽  
Time Dependent ◽  
Inventory Models ◽  
Deterioration Rate ◽  
Replenishment Policy ◽  
Demand Rate ◽  
Increasing Demand ◽  
Ramp Type Demand ◽  
Unsatisfied Demand ◽  
Dependent Demand

An order level inventory model for seasonable/fashionable products subject to a period of increasing demand followed by a period of level demand and then by a period of decreasing demand rate (three branches ramp type demand rate) is considered. The unsatisfied demand is partially backlogged with a time dependent backlogging rate. In addition, the product deteriorates with a time dependent, namely, Weibull, deterioration rate. The model is studied under the following different replenishment policies: (a) starting with no shortages and (b) starting with shortages. The optimal replenishment policy for the model is derived for both the above mentioned policies.

scholarly journals Using Complete Squares Method to Optimize Replenishment Policies in a Four-Stage Supply Chain with Planned Backorders

2011 ◽  
Vol 2011 ◽  
pp. 1-9 ◽  
Author(s):  
M. E. Seliaman
Keyword(s):  
Supply Chain ◽  
Cycle Time ◽  
Differential Calculus ◽  
Algebraic Method ◽  
Inventory Model ◽  
Coordination Mechanism ◽  
Chain Model ◽  
Supply Chain Model ◽  
Replenishment Policy

We develop a four-stage, serial supply chain inventory model with planned backorders. This supply chain model is formulated for the integer multipliers coordination mechanism, where firms at the same stage of the supply chain use the same cycle time and the cycle time at each stage is an integer multiplier of the cycle time used at the adjacent downstream stage. We develop an optimal replenishment policy using a simple algebraic method to solve the problem without the use of differential calculus.

OPTIMAL REPLENISHMENT POLICY FOR AN INTEGRATED SUPPLIER–BUYER DETERIORATING INVENTORY MODEL CONSIDERING MULTIPLE JIT DELIVERY AND OTHER COST FUNCTIONS

2007 ◽  
Vol 24 (01) ◽  
pp. 125-145 ◽  
Author(s):  
CHUN-JEN CHUNG ◽  
HUI-MING WEE
Keyword(s):  
Storage Time ◽  
Transportation Cost ◽  
Inventory Model ◽  
Inventory Level ◽  
Rigorous Analysis ◽  
Factors Affecting ◽  
Inspection Cost ◽  
Replenishment Policy ◽  
The Cost ◽  
The Relationship

This study develops an integrated deteriorating inventory policy for a single-buyer–single-supplier model with multiple JIT deliveries considering the transportation cost, inspection cost and the cost of less flexibility. Distinct from the former concept of average inventory level, our paper proposes a significantly different approach to deal with the first production batch and uses a revised method to approximate the relationship between the supplier's production time and the storage time. We provide a rigorous analysis to derive the number of inspection and deliveries, the optimal cycle time of deliveries, and the delivery size for the replenishment policy of the integrated buyer–supplier inventory deteriorating model. It is shown that the unit inspection cost is one of the critical factors affecting the deteriorating inventory model. A numerical example is presented to illustrate the theory.

scholarly journals Integrated Inventory Model for Single Vendor Multi-Buyer with a Single Item by Considering Warehouse and Capital Constraint

2021 ◽  
Vol 22 (1) ◽  
pp. 71-84
Author(s):  
Agustiandi Agustiandi ◽  
Yoon Mac Kinley Aritonang ◽  
Cherish Rikardo
Keyword(s):  
Inventory Management ◽  
Service Level ◽  
Inventory Model ◽  
Lot Size ◽  
Expected Cost ◽  
Integrated Inventory Model ◽  
Integrated Inventory ◽  
Replenishment Policy ◽  
Holding Cost ◽  
Set Up

Integrated inventory management coordinates all party's replenishment policies to provide optimal benefits. Many models have been developed, but none of them have considered capital and warehouse constraints comprehensively. It may cause the model which cannot be applied, since it has exceeded the capacity. This study developed an integrated inventory model that consisted of one vendor, multi-buyer, and one type of item. The main objective was to minimize the joint total expected cost by considering warehouse, capital, and service level constraint. The optimal formula was constructed by using the Lagrange multipliers method.  The results showed that with an increment in holding cost, the vendor tends to reduce lot size to minimize joint total expected cost. It is vice versa to the increment in set up cost. An increment in buyer service level can increase lot size and reduce order frequency. The buyer capacity is essential to determine its capability to apply the optimal replenishment policy.

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