scholarly journals AN INVENTORY POLICY ON AGROINDUSTRY SUPPLY CHAIN: A CASE STUDY OF FRUIT SEASONAL IN EAST JAVA

2021 ◽  
Vol 2 (2) ◽  
pp. 46-50
Author(s):  
Paramaditya Arismawati ◽  
Wahyu Andy Prastyabudi
Keyword(s):  
Maximum Level ◽  
Inventory Systems ◽  
Optimal Order ◽  
Periodic Review ◽  
Inventory Cost ◽  
Inventory Policy ◽  
Policy System ◽  
Deterioration Rate ◽  
Perishable Goods

To forestall the overstock or understock, inventory policy often considers thoroughly the optimal order quantity and order time. It is considerably getting more complex in the case of agroindustry as its commodity mostly is classified as perishable goods. The increase of order at a particular season sometimes is not counterbalanced with the number of stocks. The prevalent rationale of this problem is due to none of the appropriate inventory policy is implemented. The purpose of this research is to develop an inventory policy system in the case of agroindustry considering the inventory cost, deterioration rate of perishable fruits, and seasonal variable. Thus, it can be used to maintain the stability of demand while considering those variables. This study employs the periodic review (R,s,S) to construct an inventory policy. The periodic review is determined by order interval (R), a combination of reorder point (s), and maximum level (S). The experimental case study is presented to provide an example of an inventory policy. The inventory policy can alleviate the stocking problem of perishable and seasonal fruits encountered by the agroindustry. The method is able to minimize inventory cost by controlling the inventory systems. This paper offers a model of inventory policy on agroindustry to control and optimize the stocks while reckoning the inventory cost, deterioration rate, and seasonal to fulfil the demand.

scholarly journals An Optimal Order Quantity Of Spare Parts To Minimize Total Inventory Cost Using Periodic Review Approach (R,s,s) Method In PT. XYZ Bandung

2017 ◽  
Vol 1 (02) ◽  
Author(s):  
Feviana Betsi Purba ◽  
Luciana Andrawina ◽  
Murni Dwi Astuti
Keyword(s):  
Spare Part ◽  
Spare Parts ◽  
Optimal Order ◽  
Periodic Review ◽  
Order Quantity ◽  
Inventory Cost ◽  
Inventory Policy ◽  
Total Saving ◽  
Manufacturing Company ◽  
Total Inventory

The availability of spare parts is very crucial thing for manufacturing company in order to support the continuity of production activities. PT XYZ is a manufacturing company which produces thread into fabric. In this case, inventory control of spare part is not properly managed. Inventory position of spare parts in warehouse is always more than inventory policy of the company itself or called overstock which causes total inventory cost is always high. Company only consider on the order fulfillment of spare parts to prevent downtime on the machine that increase performance of production. Hence, order quantity of spare parts is always excessive or not optimal. In this research, global inventory policy conducted in order to minimize total inventory cost is periodic review approach (R, s, S) method. This inventory policy will be calculated using power approximation and obtained total saving cost of holding cost by 31 % while total saving cost of order cost decreased by 7 %. Overall, total inventory cost minimized by 7 % or equal to Rp138.902.742.

scholarly journals AN OPTIMAL ORDER QUANTITY OF SPARE PARTS TO MINIMIZE TOTAL INVENTORY COST USING PERIODIC REVIEW APPROACH (R,s,S) METHOD IN PT XYZ BANDUNG

2018 ◽  
Vol 2 (01) ◽  
pp. 60-66
Author(s):  
Feviana Betsi Purba ◽  
Luciana Andrawina ◽  
Murni Dwi Astuti
Keyword(s):  
Spare Parts ◽  
Optimal Order ◽  
Periodic Review ◽  
Order Quantity ◽  
Inventory Cost ◽  
Inventory Policy ◽  
Total Saving ◽  
Power Approximation ◽  
Manufacturing Company ◽  
Total Inventory

The availability of spare parts is very crucial thing for manufacturing company in order to support the continuity of production activities. PT XYZ is a manufacturing company which produces thread into fabric. In this case, inventory control of spare part is not properly managed. Inventory position of spare parts in warehouse is always more than inventory policy of the company itself or called overstock which causes total inventory cost is always high. Company only consider on the order fulfillment of spare parts to prevent downtime on the machine that increase performance of production. Hence, order quantity of spare parts is always excessive or not optimal. In this research, global inventory policy conducted in order to minimize total inventory cost is periodic review approach (R, s, S) method. This inventory policy will be calculated using power approximation and obtained total saving cost of holding cost by 31 % while total saving cost of order cost decreased by 7 %. Overall, total inventory cost minimized by 7 % or equal to Rp138.902.742.   Keywords—Inventory, Overstock, Spare Parts, Periodic Review, Power Approximation

An Optimal Inventory Policy for Items Having Constant Demand and Constant Deterioration Rate with Trade Credit

2012 ◽  
Vol 5 (2) ◽  
pp. 89-95 ◽  
Author(s):  
R. P. Tripathi ◽  
S. S. Misra
Keyword(s):  
Trade Credit ◽  
Optimal Order ◽  
Order Quantity ◽  
Inventory Models ◽  
Inventory Policy ◽  
Deterioration Rate ◽  
Optimal Order Quantity ◽  
Optimal Ordering ◽  
Constant Deterioration ◽  
Ordering Quantity

In most of the classical inventory models the demand is considered as constant. In this paper the model has been framed to study the items whose demand and deterioration both are constant. The authors developed a model to determine an optimal order quantity by using calculus technique of maxima and minima. Thus, it helps a retailer to decide its optimal ordering quantity under the constraints of constant deterioration rate and constant pattern of demand.

scholarly journals A Probabilistic Inventory Model with Two-Parameter Exponential Deteriorating Rate and Pareto Demand Distribution

2018 ◽  
Vol 6 (5) ◽  
Author(s):  
Hala Aly Fergany ◽  
Osama Mahmoud Hollah
Keyword(s):  
Random Variable ◽  
Inventory Model ◽  
Inventory Systems ◽  
Systems Science ◽  
Inventory Level ◽  
Periodic Review ◽  
Deterministic Models ◽  
Demand Distribution ◽  
Deterioration Rate ◽  
Probabilistic Inventory Model

Although the deterioration is one of the main problems that have been investigated in the inventory systems science the last twenty years ago but Most deteriorating inventory studies focused on deterministic models. This paper presents a Constraint Deteriorating Probabilistic Periodic Review Inventory Model (CDPPRIM); a model is applicable when: (1) the demand is a random variable that follows Pareto distribution without lead-time, (2) some costs are varying, (3) shortages are permitted, and (4) the deterioration rate follows exponential distribution.The objective function under a constraint is imposed here in crisp and fuzzy environment. A numerical analysis method (Newton's method) is used to solve the model. The main objective is to find the optimal values of four decision variables (maximum inventory level, stock-out time, the deteriorating time and review time), which minimize the expected annual total cost under the assumptions. At the end, the paper explains the model through an application.

The Comparative Study of EOQ Newsboy and Silver-Meal Method for SMEs Business

2014 ◽  
Vol 1044-1045 ◽  
pp. 1807-1811
Author(s):  
Lakkana Ruekkasaem
Keyword(s):  
Optimal Order ◽  
Order Quantity ◽  
Inventory Cost ◽  
Eoq Model ◽  
Proper Number ◽  
Newsboy Model ◽  
Optimal Order Quantity ◽  
The Comparative Study ◽  
Ordering Quantity

This study was conducted to determine an appropriate model to be used so that a cleanroom equipment company will be able to order a proper number of various types of products to serve the demand of customers at different periods of time. The case study had high inventory cost due to the fact that it could not order goods accordingly. The research compared the efficiency of Economic Ordering Quantity (EOQ), Newsboy Model and Silver-Meal Method to find the optimal order quantity model for this company. The results of the study indicated that the EOQ model (in case allowing for some inventory shortage) obtained the least inventory cost.

scholarly journals The Optimal Order Policy for a Capacitated Multiple Product Inventory System Under Symmetry

2015 ◽  
Vol 32 (02) ◽  
pp. 1550005 ◽  
Author(s):  
Yi Feng ◽  
Shaoxiang Chen ◽  
Wenqiang Dai
Keyword(s):  
Optimal Policy ◽  
Optimal Order ◽  
Periodic Review ◽  
Inventory Cost ◽  
Demand Distribution ◽  
Multiple Product ◽  
Product Inventory ◽  
Hedging Point Policy ◽  
Special Case

Although many researches have conjectured the optimality of the hedging point policy for the multiple-product stochastic capacitated periodic review problem, it is still a challenge to prove the hypothesis. This paper considers a special case of the capacitated multiple-product periodic review problem where stochastic demand distribution, production rate, unit production cost and periodic expected inventory cost are the same for all different products. For this symmetric problem, we prove an optimal policy where ordering and non-ordering regions for every product are defined. Our research provides significant implications to the characterization of the optimal policy for the general problem.

Proposed Model for Optimal Inventory Policy

2021 ◽  
Vol 2 (1) ◽  
Author(s):  
Mohamed Khalil ◽  
El-Sayed Ellaimony ◽  
Ahmed Taha ◽  
Mohamed Osman
Keyword(s):  
Control Measures ◽  
Inventory Cost ◽  
Inventory Policy ◽  
Specific Effects ◽  
Proposed Model ◽  
Interesting Contribution ◽  
Private And Public ◽  
Total Inventory ◽  
And Control

The topic of management of stock is an energetic importance to the success of any organization and is one of the serious determinants of the continuity and efficient productivity of any organization. The study considers significant because it is hoped that on the completion, the study will provide further insights into the understanding of stock control measures. Through using vehicle service center as a reference point, the study will make an interesting contribution to the understanding of the general and specific effects of stores control in other private and public utilities. In addition, the study will further justify the need to strengthen management and control of stock with anticipated benefit in view. This paper will be proposed a mathematical model for optimal inventory policy to minimize the total inventory cost by using the assignment technique and will be applied it on a case study.

DELAYED STATE FEEDBACK CONTROL FOR PERIODIC-REVIEW INVENTORY SYSTEMS

2017 ◽  
Vol 58 (3-4) ◽  
pp. 397-405
Author(s):  
B.-L. ZHANG ◽  
C. YANG
Keyword(s):  
Feedback Control ◽  
Inventory Management ◽  
State Feedback ◽  
Delayed Feedback ◽  
Inventory Systems ◽  
State Feedback Control ◽  
Periodic Review ◽  
Perishable Goods ◽  
Delayed State Feedback ◽  
Periodic Review Inventory

We investigate delayed state feedback control of a periodic-review inventory management system with perishable goods. The stock under consideration is replenished from multiple supply sources. By using delayed states as well as current states of the inventory system, a delayed feedback $H_{\infty }$ control strategy is developed to mitigate bullwhip effects of the system. Some conditions on the existence of the delayed feedback $H_{\infty }$ controller are derived. It is found through simulation results that the proposed delayed $H_{\infty }$ control scheme is capable of improving the performance of the inventory management significantly. In addition, the delayed controller is better than the traditional delay-free $H_{\infty }$ controller.

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