Optimal inventory policy for a balanced system subject to hard failure

Author(s):  
Jingjing Wang ◽  
Zongxi Wang ◽  
Rui Zheng
2014 ◽  
Vol 2014 ◽  
pp. 1-16 ◽  
Author(s):  
M. F. Yang ◽  
Wei-Chung Tseng

This paper proposes a three-echelon inventory model with permissible delay in payments under controllable lead time and backorder consideration to find out the suitable inventory policy to enhance profit of the supply chain. In today’s highly competitive market, the supply chain management has become a critical issue in both practice and academic and supply chain members have to cooperate with each other to bring more benefits. In addition, the inventory policy is a key factor to influence the performance of the supply chain. Therefore, in this paper, we develop a three-echelon inventory model with permissible delay in payments under controllable lead time and backorder consideration. Furthermore, the purpose of this paper is to maximize the joint expect total profit on inventory model and attempt to discuss the inventory policy under different conditions. Finally, with a numerical example provided here to illustrate the solution procedure, we may discover that decision-makers can control lead time and payment time to enhance the performance of the supply chain.


Author(s):  
Xian Zhao ◽  
Jing Zhang ◽  
Xiaoyue Wang

In the past, redundancy, inventory and maintenance are often considered separately to improve the system availability. Recently, a few joint optimization papers have emerged, but they only considered hot-standby redundancy, one-for-one-ordering inventory policy and the case of single repairman. In order to deepen the previous research, this article formulates a joint optimization model of components redundancy, spares inventory and repairmen allocation for a standby series system with an objective of maximizing system availability. As to the components redundancy, hot-standby, warm-standby and cold-standby are considered, respectively. A more general batching ordering inventory policy is adopted and the number of repairmen is added as a new element. By continuous time Markov process, related reliability probability indices are derived. Then the mathematical model is constructed and branch-and-bound method is employed to solve the optimal solution. Finally, we conduct analysis and comparison for different numerical examples and obtain the following results: cold-standby and warm-standby redundancy yield higher availabilities compared to hot-standby under the same conditions. The optimal batch ordering inventory policy is better than optimal one-for-one-ordering inventory policy if the spares replenishment rate is not high enough. Moreover, an optimal number of repairmen, which is always more than one, can be achieved to enhance the efficiency of maintenance.


2019 ◽  
Vol 40 (3) ◽  
pp. 321-327 ◽  
Author(s):  
Shawn M. Stevens ◽  
Hayden Dougherty ◽  
Lisa Wenstrup ◽  
Theresa Hammer ◽  
Tyler Cole ◽  
...  

1976 ◽  
pp. 92-137 ◽  
Author(s):  
John F. Magee
Keyword(s):  

2021 ◽  
Vol 24 (1) ◽  
pp. 43-49
Author(s):  
Agota Banyaine Toth ◽  

The well-chosen inventory policy has a great impact on the performance of production and logistics processes, because it can influence not only the reliability, the cost efficiency, and the sustainability of the processes and resources, but packaging system can force the quality of products and processes. Within the frame of this article an exchange curve-based analysis method of packaging related inventory policy is described. This analysis method makes it possible to highlight the problems in inventory policy and find an improve solution in both macro- and micro-level. The computation method is based on the exchange of annual order cost and average inventory investment, especially in the case of economic order quantity-based packaging order policies.


Sign in / Sign up

Export Citation Format

Share Document