scholarly journals Models for Optimisation of Delivery Timing and Volumes under Uncertainty Encompassing Penalty and Customer Attrition Risks

2019 ◽  
Vol 8 (4) ◽  
pp. 11539-11545
Keyword(s):  
Distribution Pattern ◽  
Inventory Management ◽  
Statistical Data ◽  
Stochastic Demand ◽  
Triangular Distribution ◽  
Customer Attrition ◽  
Optimum Volume

The paper proposes a model for inventory management and specifically for determining the optimum volume and timing of deliveries, encompassing the uncertainty of demand. The criteria of efficiency are the minimisation of integral costs and maximisation of profit with due regard for the risks of penalties and customer attrition. The triangular distribution is a reference for the distribution pattern of the stochastic demand and delivery timing fluctuations as it is one of the most common choices in case of insufficient statistical data

Aligning Aggregate Planning with (s,S) Inventory Model in a Stochastic Demand Environment

2018 ◽  
Vol 9 (1) ◽  
pp. 29-44 ◽  
Author(s):  
Shantanu Shankar Bagchi ◽  
Rik Paul
Keyword(s):  
Inventory Management ◽  
Demand Uncertainty ◽  
Stochastic Demand ◽  
Model System ◽  
Inventory Model ◽  
Periodic Review ◽  
Supplier Relationships ◽  
Long Run ◽  
Monitoring Costs ◽  
Review Model

Designing an aggregate plan is essential for firms to improve the efficiency of their inventory management as well as maintaining supplier relationships over a long run. Aggregate plan is primarily a function of demand uncertainty and the inventory policy in place. Firms tend to follow either a periodic review model ( system) or a perpetual model ( system) for managing inventory time to time; the former being more prevalent due to lower inventory monitoring costs associated. The article proposes a mathematical model that incorporates the principles of inventory model in deciding on the key components of an aggregate plan for each period in a multi-period stochastic demand environment for both stationary and non-stationary demand scenarios. The article also provides numerical illustrations to demonstrate the application of the model.

scholarly journals Application of theory of stocks for efficient organization supply shipchandlers services

2018 ◽  
pp. 125-135
Author(s):  
M.S. Vilshanyuk
Keyword(s):  
Product Quality ◽  
Inventory Management ◽  
Management System ◽  
Financial Stability ◽  
Statistical Data ◽  
Price Policy ◽  
Information Support ◽  
Efficient Organization ◽  
Effective Work ◽  
Inventory Management System

The essence and types of ship reserves, supply operations of a marine agent in servicing a sea vessel, the order of its interaction with shipchandler companies are characterized. The supply process is analyzed and the statistical data of supply of vessels with fuels and lubricating and varnishing materials is analyzed. The supplier was selected from a number of possible ways by applying the method of rating evaluations. The following indicators were used as criteria: price policy; convenience of terms and forms of payment; product quality; reputation of the manufacturer; reliability of supplies and services; financial stability; organization of information support of delivery; informing about changes and innovations; transparency of business. The possibility of using the inventory management system as an instrument for effective work of supply companies was studied in the orga-nization of shipchandler services. The method used allows to ensure the smooth operation of the companies providing shicandler services by studying the demand and, accordingly, planning ship supply supplies.

scholarly journals Joint Replenishment Problem in Drug Inventory Management of Pharmacies under Stochastic Demand

2018 ◽  
Vol 15 (2) ◽  
pp. 302-310
Author(s):  
Kizito Paul Mubiru
Keyword(s):  
Inventory Management ◽  
Demand Uncertainty ◽  
Stochastic Demand ◽  
Cost Effective ◽  
Planning Horizon ◽  
Periodic Review ◽  
Market Place ◽  
Inventory Costs ◽  
Replenishment Policy ◽  
Periodic Review Inventory System

In today’s fast-paced and competitive market place, organizations need every edge available to them to ensure success in planning and managing inventory of items with demand uncertainty. In such an effort, cost effective methods in determining optimal replenishment policies are paramount. In this paper, a mathematical model is proposed that optimize inventory replenishment policies of a periodic review inventory system under stochastic demand; with particular focus on malaria drugs in Ugandan pharmacies. Adopting a Markov decision process approach, the states of a Markov chain represent possible states of demand for drugs that treat malaria. Using weekly equal intervals, the decisions of whether or not to replenish additional units of drugs were made using discrete time Markov chains and dynamic programming over a finite period planning horizon. Empirical data was collected from two pharmacies in Uganda. The customer transactions of drugs were taken on a weekly basis; where data collected was analyzed and tested to establish the optimal replenishment policy and inventory costs of drugs. Results from the study indicated the existence of an optimal state-dependent replenishment policy and inventory costs of drugs at the respective pharmacies.

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