JIT Inventory Management Strategy

2019 ◽  
pp. 57-74 ◽  
Author(s):  
Alan D. Smith
Keyword(s):  
Supply Chain ◽  
Inventory Management ◽  
Management Strategy ◽  
Economic Order Quantity ◽  
Just In Time ◽  
Order Quantity ◽  
Business World ◽  
Safety Stock ◽  
Operating Process ◽  
Strategic Approach

Implementing a just-in-time (JIT) inventory management strategy seems to be the latest hot topic in the business world, particularly in manufacturing industries. In today's competitive supply chain environment, more and more companies are either adopting JIT methodology or at least beginning to research and understand how JIT would affect their business. But what exactly is JIT? Many companies may be already putting into practice some of the concepts of JIT – such as looking at always improving or trying to reduce waste in terms of product or labor steps. Some companies may be fully ready to embrace a JIT operating process; yet, perhaps JIT is not the best choice for their business. The goal of this chapter is to develop a better understanding of JIT, from this history behind its inception to the various risks and benefits that relate to adopting JIT from an interdisciplinary/strategic approach to a transdisciplinary viewpoint. Those strategies, which include the basic methods of minimum stock, economic order quantity (EOQ), and Safety stock methods, are explored and explained in this chapter.

Dynamic Planning Model for Port Iorn Ore Inventory

2013 ◽  
Vol 409-410 ◽  
pp. 1429-1432
Author(s):  
Gui Bin Xu ◽  
Xu Zhao ◽  
Xue Ting Li
Keyword(s):  
Supply Chain ◽  
Inventory Management ◽  
Management Strategy ◽  
Iron Ore ◽  
Planning Model ◽  
Inventory Cost ◽  
Dynamic Planning ◽  
Total Inventory ◽  
Inventory Strategy

Port inventory is a very important part in iron ore supply chain. Through the inventory management, we can get the best inventory strategy to minimize the total inventory cost. The inventory management of the port iron ore can get a reasonable and feasible inventory management strategy through the dynamic planning model.

Inventory Management of Medical Equipment Vendors under the Uncertain Demand

2011 ◽  
Vol 225-226 ◽  
pp. 1129-1132
Author(s):  
Lu Shi ◽  
Xin Ma
Keyword(s):  
Supply Chain ◽  
Inventory Management ◽  
Medical Equipment ◽  
Integrated Approach ◽  
Uncertain Demand ◽  
Vendor Managed Inventory ◽  
Coordination Problem ◽  
Related Research ◽  
Demand Fluctuations ◽  
Equipment Supplier

The remarkable interest in the supply chain management related research in the last decade has been due to its potential to improve the efficiency of operations and reduce cost. Vendor managed inventory is an integrated approach for market patricians coordination according to which the vendor decides on the appropriate inventory levels within bounds. The coordination problem for a two stage supply chain composed of a medical equipment supplier and a retailer is considered in this paper. The inventory management of medical equipment vendors under the uncertain demand is analysis and the model is designed, the variables of shortage cost and inventories cost are derived on the two cases with the demand fluctuations and the results are also discussed.

Inventory optimization considering the vehicle capacity and specifics of cash flows at rental storage sites

2020 ◽  
pp. 77-90
Author(s):  
V.D. Gerami ◽  
I.G. Shidlovskii
Keyword(s):  
Supply Chain ◽  
Inventory Management ◽  
Sufficient Conditions ◽  
Cash Flows ◽  
Management Systems ◽  
Cargo Capacity ◽  
Special Modification ◽  
The Cost ◽  
Necessary And Sufficient ◽  
Vehicle Capacity

The article presents a special modification of the EOQ formula and its application to the accounting of the cargo capacity factor for the relevant procedures for optimizing deliveries when renting storage facilities. The specified development will allow managers to take into account the following process specifics in the format of a simulated supply chain when managing inventory. First of all, it will allow considering the most important factor of cargo capacity when optimizing stocks. Moreover, this formula will make it possible to find the optimal strategy for the supply of goods if, also, it is necessary to take into account the combined effect of several factors necessary for practice, which will undoubtedly affect decision-making procedures. Here we are talking about the need for additional consideration of the following essential attributes of the simulated cash flow of the supply chain: 1) time value of money; 2) deferral of payment of the cost of the order; 3) pre-agreed allowable delays in the receipt of revenue from goods sold. Developed analysis and optimization procedures have been implemented to models of this type that are interesting and important for a business. This — inventory management systems, the format of which is related to the special concept of efficient supply. We are talking about models where the presence of the specified delays for the outgoing cash flows allows you to pay for the order and the corresponding costs of the supply chain from the corresponding revenue on the re-order interval. Accordingly, the necessary and sufficient conditions are established based on which managers will be able to identify models of the specified type. The purpose of the article is to draw the attention of managers to real opportunities to improve the efficiency of inventory management systems by taking into account these factors for a simulated supply chain.

A systematic literature review of healthcare supply chain and implications of future research

2019 ◽  
Vol 13 (4) ◽  
pp. 405-435 ◽  
Author(s):  
Anuj Dixit ◽  
Srikanta Routroy ◽  
Sunil Kumar Dubey
Keyword(s):  
Supply Chain ◽  
Literature Review ◽  
Inventory Management ◽  
Cold Chain ◽  
Future Research ◽  
Research Papers ◽  
Content Type ◽  
Drug Manufacturing ◽  
Customer Training

Purpose This paper aims to review the healthcare supply chain (HSC) literature along various areas and to find out the gap in it. Design/methodology/approach In total, 143 research papers were reviewed during 1996-2017. A critical review was carried out in various dimensions such as research methodologies/data collection method (empirical, case study and literature review) and inquiry mode of research methodology (qualitative, quantitative and mixed), country-specific, targeted area, research aim and year of publication. Findings Supply chain (SC) operations, performance measurement, inventory management, lean and agile operation, and use of information technology were well studied and analyzed, however, employee and customer training, tracking and visibility of medicines, cold chain management, human resource practices, risk management and waste management are felt to be important areas but not much attention were made in this direction. Research limitations/implications Mainly drug and vaccine SC were considered in current study of HSC while SC along healthcare equipment and machine, hospitality and drug manufacturing related papers were excluded in this study. Practical implications This literature review has recognized and analyzed various issues relevant to HSC and shows the direction for future research to develop an efficient and effective HSC. Originality/value The insight of various aspects of HSC was explored in general for better and deeper understanding of it for designing of an efficient and competent HSC. The outcomes of the study may form a basis to decide direction of future research.

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