scholarly journals On the Use of Importance Measures in the Reliability of Inventory Systems, Considering the Cost

2020 ◽  
Vol 10 (21) ◽  
pp. 7942
Author(s):  
Liwei Chen ◽  
Meng Kou ◽  
Songwei Wang
Keyword(s):  
Inventory Control ◽  
Inventory Management ◽  
Inventory Systems ◽  
Optimization Analysis ◽  
Proposed Model ◽  
Important Approach ◽  
Total Inventory ◽  
Inventory Control Model ◽  
The Cost

In order to maximize inventory benefits or minimize costs, reliability and cost of inventory control models need to be identified and analyzed. These importance measures are one important approach to recognize and evaluate system weaknesses. However, importance measures have fewer applications in inventory systems’ reliability. Considering the cost, this paper mainly discusses the reliability change of performance parameters with the importance measures in inventory systems. The calculation methods of differential importance and Birnbaum importance are studied in the inventory control model with shortages. By comparing the importance values of various parameters in the model, the optimization analysis of the inventory model can be used to identify the key parameters, so as to effectively reduce the total inventory cost. The importance order and the identification of key parameters are helpful to increase the operational efficiency of the inventory control and provide effective methods for improving the inventory management. Lastly, a case study with a shortage and limited inventory capacity is used to demonstrate the proposed model.

scholarly journals Economic aspects in the design process of heat recovery installations - case study

2019 ◽  
Vol 20 (1-2) ◽  
pp. 340-343
Author(s):  
Zbigniew Stempnakowski ◽  
Piotr Nikończuk
Keyword(s):  
Energy Efficiency ◽  
Heat Recovery ◽  
Geographical Location ◽  
Economic Benefits ◽  
Economic Aspects ◽  
Recovery Unit ◽  
Proposed Model ◽  
Spray Booth ◽  
The Cost

The paper presents a proposal of economic aspects application in the process of optimizing the construction of heat recovery unit. The proposed model includes the cost of heat exchanger installation and the predicted economic benefits during the operation of the device. The predicted benefits include an increase of energy efficiency resulting from the number of modules of heat recovery unit, decrease unit efficiency during operation, the cost of heat production, average temperatures in the geographical location and working time. A case study was carried out on the example of a spray booth.

scholarly journals ANALISIS PENGENDALIAN PERSEDIAAN DALAM HUBUNGANNYA DENGAN EFISIENSI BIAYA DI PT. HITEK INDO MULIA

2018 ◽  
Author(s):  
Decky Antony Kifta
Keyword(s):  
Cost Saving ◽  
Inventory Control ◽  
Cost Efficiency ◽  
Economic Order Quantity ◽  
Economic Order ◽  
Order Quantity ◽  
Inventory Cost ◽  
Analysis Tools ◽  
Total Inventory ◽  
The Cost

This study is intended to formalize how to control goods inventory in relation with the cost efficiency of inventory at PT Hitek Indo Mulia. The company, PT Hitek Indo Mulia, is the venue of the research and source of data for the researcher to write this jurnal. The inventory observed in this research is Radiography films as the main inventory of the company and the analysis tools used in this inventory control is related to cost eficient and forecasting i.e. Economic Order Quantity (EOQ), Re-order Point (ROP), and Total Inventory Cost (TIC). From the calculation it was shown that there was cost saving upto Rp. 1.704.799,24 and with 6 (six) times of re-order point. This is to give economical guidance to the company to use this calculation or measures, and they shall not depend on guessing or intuation. By implementing this theory we will not see that radiography films (grafts) are piled up in the store but they are continuously used up and give value to the company.

A novel model for risk management of outsourced construction projects using decision-making methods: a case study

2020 ◽  
Vol 10 (2) ◽  
pp. 97-123 ◽  
Author(s):  
Amin Mahmoudi ◽  
Mehdi Abbasi ◽  
Xiaopeng Deng ◽  
Muhammad Ikram ◽  
Salman Yeganeh
Keyword(s):  
Decision Making ◽  
Construction Projects ◽  
Project Managers ◽  
Analytic Hierarchy ◽  
Suitable Alternative ◽  
Content Type ◽  
Proposed Model ◽  
The Cost ◽  
First Time

PurposeSelecting a suitable contract to outsource construction projects is an ongoing concern for project managers and organizational directors. This study aims to propose a comprehensive model to manage the risks of outsourced construction project contracts.Design/methodology/approachTo employ the proposed model, firstly, the types of contracts and risks in the organization should be identified, then, to prioritize the contracts, the identified risks are considered as criteria. After receiving the experts' opinions, the best–worst method (BWM) integrated with grey relation analysis (GRA) method was used to prioritize the contracts. BWM and GRA are multi-criteria decision-making methods with different approaches and applications. In the current study, BWM has been employed to calculate the weights of criteria because it has better performance than other methods such as the analytic hierarchy process (AHP). After calculating the weights of criteria, the GRA method has been utilized for ranking the alternatives.FindingsAccording to the results obtained from the case study, the cost plus award fee contract is the most suitable alternative for outsourcing construction projects. The proposed methodology can be practically applied through different types of the projects such as construction or “engineering, procurement and construction”.Originality/valueTo the best of our knowledge, this is the first time a conceptual model has been proposed to select an appropriate contract for construction projects. Also, for the first time, the BWM integrated with GRA method has been used to prioritize project contracts based on the potential risks. The proposed model can contribute to project managers for selecting a suitable contract with the least risk in construction projects.

An economic order interval-based simulation model for perishable products

2021 ◽  
Author(s):  
Roberto Montanari, ◽  
Eleonora Bottani ◽  
Andrea Volpi ◽  
Federico Solari ◽  
Giorgia Scozzesi
Keyword(s):  
Inventory Management ◽  
Economic Order ◽  
Perishable Products ◽  
Order Interval ◽  
Simulation Approach ◽  
Optimal Parameters ◽  
Inventory Policy ◽  
Total Inventory ◽  
Inventory Control Model ◽  
Realistic Data

The aim of this paper is to develop a model for reproducing an Economic Order Interval (EOI)-based inventory control model for perishable products. After a description of the model, a simulation approach is developed and used for determining the optimal parameters of the inventory policy, as well as the relationships between them and the numerical values that can minimize the total inventory management cost, thus making the system as efficient as possible. A numerical example, with realistic data, is proposed for showing the application of the model and its effectiveness for the identification of the optimal inventory policy parameters.

An EOQ Model for Reuse and Recycling Considering the Balance of Supply and Demand

2015 ◽  
Vol 9 (3) ◽  
pp. 303-311 ◽  
Author(s):  
Tomomi Nonaka ◽  
◽  
Nobutada Fujii ◽  
Keyword(s):  
Inventory Management ◽  
Reverse Logistics ◽  
Supply And Demand ◽  
Computer Experiments ◽  
Demand And Supply ◽  
Product Demand ◽  
Eoq Model ◽  
Proposed Model ◽  
Using Data

Inventory management in reverse logistics is more complex than that in conventional logistics because of uncontrollable factors such as inventory levels increasing from reverse logistics, greater-than-expected disposal, and balance of supply and demand with changing market trends. This paper proposes a new economic order quantity (EOQ) model for reuse and recycling by expanding the EOQ model proposed by Dobos and Richter, 2004. The proposed model introduces a sequentially accumulated marginal reuse rate as a parameter in considering the balance of product demand and supply. The marginal reuse rate is calculated by using data on production distribution and disposal distribution of products for every discretized period. This model considers the sequence among recovery options: reuse, recycle and disposal. Parts are reused after having been inspected to determine whether they are reusable or not. Remaining nonreusable parts are recycled and any remaining nonrecycled parts disposed of. The extended EOQ model is applied to a case study using different scenarios for length of use and multiple generations of products. Results of computer experiments confirmed the effectiveness of the proposed method.

scholarly journals A Manufacturing Industry Case Study: ABC and HML Analysis for Inventory Management

2020 ◽  
Vol 3 (9) ◽  
pp. 146-149
Author(s):  
Pragati Jadhav ◽  
Maheshwar Jaybhaye
Keyword(s):  
Inventory Control ◽  
Inventory Management ◽  
Manufacturing Industry ◽  
Unit Cost ◽  
Work Force ◽  
Contextual Analysis ◽  
Cost Information ◽  
Control Activity ◽  
Abc Analysis

This article is a contextual analysis of ABC and HML examination of inventory control methods for an effective Inventory administration framework in the assembling business of India. The organization needs to control its inventory expense, so it utilized various kinds of inventory methods to control this. There are various strategies, for example, ABC, HML, VED, XYZ and S-O-S. In the ABC analysis, things are classifications in classifications A, B, C as per the utilization of the all-out expense. In the HML analysis, things are classifications in H, M, L classification as per the unit cost. Information assortment is chiefly a year through the head supervisor of the store and other work force associated with the Inventory control activity of the assembling business.

scholarly journals Pengembangan Model Vendor Managed Inventory dengan Banyak Retailer yang Mempertimbangkan Ketidakpastian Lead Times

2018 ◽  
Vol 7 (1) ◽  
pp. 41
Author(s):  
Carles Sitompul ◽  
Paulina Ariningsih ◽  
Ida Bagus Deva Narswara Santosa
Keyword(s):  
Inventory Management ◽  
Lead Time ◽  
Mathematical Formulation ◽  
Lead Times ◽  
Approximation Model ◽  
Vendor Managed Inventory ◽  
Inventory Cost ◽  
Inventory Management System ◽  
Total Inventory ◽  
The Cost

<p><em>An inventory management system in supply chains called Vendor Managed Inventory (VMI) is very promising due to the cost efficiency resulted from implementing such system. This research aims to develop a vendor managed inventory for multiple retailers. The model also takes into account lead time uncertainties from vendor to its retailers. A mathematical formulation for VMI with multiple retailers is first developed using deterministic lead times.  Subsequently, lead times uncertainties are then taken into account where modes lead times are broken into two components: modes and delays, each with their respective probabilities. In turn, an approximation model is used to solve the problem because the complexity aroused from the model is difficult to solve using analytical methods. It is shown that the proposed approximation method is able to solve VMI problem with multiple retailers and uncertain lead times.  Furthermore, the total inventory cost is significantly reduced when compared to the usual economic order quantity method because stockouts are less frequent. </em></p>

scholarly journals Optimal Alternatives by Controlling Time and Cost of a Multi-Level Car Park Using Excel-Solver Program

2019 ◽  
Vol 54 (6) ◽  
Author(s):  
Sada Abdalkhaliq Hasan
Keyword(s):  
Optimal Solution ◽  
Time Frame ◽  
Proposed Model ◽  
Car Park ◽  
Overall Performance ◽  
Multi Level ◽  
Excel Solver ◽  
The Cost ◽  
The City

In this research the best cost and time are identified to implement a multi-level car park. The aim of this research is to develop a time frame model, including time and cost analysis, and to find optimal alternatives for a multi-level garage project during the planning phase. The proposed model has been developed using Solver program in Excel built for combining cost and time calculations by adopting the Project Management Software (MS-Project) to facilitate optimal solution access. In future the same project can be implemented at the lowest possible cost. This research concluded that it is possible to obtain the optimal solution after analyzing the alternatives using the Solver program and then taking the results of the optimization process to perform the improvement of the timeline. The research highlights the factors such as: the estimated cost, the planned time and the alternatives available for optimum performance aimed at finding optimal solutions and thus enhancing overall performance. The research was applied to the case study of one of the projects implemented within the city and found that the results are consistent with the research objective. According application of the model, the solution shows it will reduce cost and time to about 190292 $ and 91day from the cost and time of actual project.

scholarly journals Evaluating The Performance of Inventory Management The Production Division of PT. Tiga Serangkai Surakarta as a Case Study

2016 ◽  
Vol 1 (1) ◽  
pp. 93
Author(s):  
Sri Maryati
Keyword(s):  
Inventory Management ◽  
System Performance ◽  
Service Level ◽  
Inventory System ◽  
Order Quantity ◽  
Safety Stock ◽  
Production Employee ◽  
The Cost

This research aims to understand the process of production and to analyze the performance of inventory system on production division of PT. Tiga Serangkai. The data has been gathered from direct observation of the process production and warehouse and the interview with the production employee, the employee of warehouse division, supervisor of purchasing and finance manager. This research demonstrates that inventory system performance of PT. Tiga Serangkai Surakarta can be optimized through the determination of inventory policy, applying a model minimum and maximum inventory that considers the safety stock in accordance with service level plan, implementing model Reorder Point (ROP) which can be used as guidelines in charging supply back, and applying the model economic ordering quantity. In doing so, they can save the cost of inventory. Keywords: inventory management, economic order quantity (EOQ), PT. Tiga Serangkai 

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