Methods of Comparison of the Economic Order Quantity and Just-In-Time Restocking Technologies. The Case Study

Estimation of the optimal size of order is one of the key tasks in determining the parameters of the urban freight restocking system. The existing analytical models and methods are considering each technology separately and they do not compare the Economic Order Quantity (EOQ) and Justin-tme (JIT) restocking technologies. The purpose of this research was to evaluate efficiency of the JIT and EOQ restocking technologies. The research would help in selecting the delivery model, analyzing functioning of existing JIT and EOQ models. The article presents an approach to determining the comparison in organizing supplies to the retailer. For this, the two supply models were compared. The Just-in-Time model is characterised by costs that are spend on transportation. The Economic Order Quantity model includes costs of transportation and storage in a warehouse. After calculations, application of the Just-in-Time model in the given conditions was determined.

The Economic Order Quantity in a Fuzzy Environment for a Periodic Inventory Model with Variable Demand

The technique of limiting expenditure plays a critical part in an organization's ability to govern the smooth operation of its management system. The economic order quantity (EOQ) is calculated by solving a nonlinear problem, and the best solution is investigated in a fuzzy and intuitionistic fuzzy environment. The overall cost is made up of several factors, such as demand, holding, and ordering costs. The demand and stock-out characteristics were both fuzzified using fuzzy and intuitionistic fuzzy numbers. The numerical analysis shows the comparison between the two fuzzy numbers through sensitivity analysis.

Analysis Control Of Inventory Of Non Subsidy Fertilizer Merchandise With Economic Order Quantity (EOQ) Method In CV. Dohar Agro Mandiri

Economic Order Quantity (EOQ) is a mathematical model that determines the number of items that must be ordered to meet the projected demand, with minimized inventory costs. The types of costs to run the business cycle are storage costs and ordering costs. The purpose of this research is to analyze "Analysis of Non-Subsidized Fertilizer Inventory Control with Economic Order Quantity (EOQ) Method at CV. Dohar Agro Mandiri. The total inventory obtained using the EOQ method is 11,003 with a purchase frequency of 3 times. Using the EOQ method the company must reorder when the merchandise inventory is 1,015 zak, with the EOQ method the maximum inventory that the company must maintain is 12,018 per day. The total inventory cost of fertilizer merchandise inventory is 24,648. In other words, inventory control using the EOQ method can help companies achieve an optimal level of inventory ordering and ordering frequency.

Decisions and coordination of retailer-led fresh produce supply chains under two-period dynamic pricing and portfolio contracts

Fresh agricultural produce is almost the staple food and necessity of people's daily diet all over the world. However, natural perishability and freshness affect the demand for fresh agricultural produce. Due to the change of freshness, the retailer has to adopt a multi-period dynamic pricing strategy to deal with unsold products. The research object of this paper is the retailer's two-echelon supply chain of fresh agricultural produce, and the aim is to achieve the optimal two-period coordination and ordering through options and wholesale contracts in the supply chain. In the case of two-period pricing, we find that the optimal wholesale order quantity increases with the decline of the price in the first period and tends to be stable with the decline of the price in the second period. In contrast, the price change in the first period has a greater impact on the retailer's optimal order quantity. The profits of both the retailer and the supplier increase significantly with the increase of the price in the first period, while the impact of the change of the price in the second period is not obvious. Meanwhile, decentralized decision-making can only be coordinated in the supply chain through the original option contract at the first-period price. In the second period, the cost-sharing contract is introduced to coordinate the supply chain, increase orders, and increase the profits of both the retailer and the supplier. These findings are of great significance for both the retailer and the supplier in the multi-period dynamic pricing of fresh produce under the option contract.

Optimal pre-sale policy for deteriorating items

<p style='text-indent:20px;'>Pre-sale policy is a frequently-used sales approach for deteriorating products, e.g, fruits, vegetables, seafood, etc. In this paper, we consider an EOQ inventory model under pre-sale policy for deteriorating products, in which the demand of pre-sale period depends on price and pre-sale horizon, and the demand of spot-sale period depends on the price and stock level. Optimal pricing decisions and economic order quantity are also provided. We compare pre-sale model with a benchmark inventory model in which all the products are sold in spot-sale period. Theoretical results are derived to show the existence and uniqueness of the optimal solution. Numerical experiments are carried out to to illustrate the theoretical results. And sensitivity analysis is conducted to identify conditions under which the pre-sale policy is better off than the spot-sale only policy.</p>

Inventory models with stock - and price-dependent demand for deteriotating items based on limited space

This paper deals with the problem of determining the optimal selling price and order quantity simultaneously under EOQ model for deteriorating items. It is assumed that the demand rate depends not only on the on-display stock level but also the selling price per unit, as well as the amount of shelf/display space is limited. We formulate two types of mathematical models to manifest the extended EOQ models for maximizing profits and derive the algorithms to find the optimal solution. Numerical examples are presented to illustrate the models developed and sensitivity analysis is reported.

Smart Inventory System untuk Distribusi Vaksin dengan Metode Economic Order Quantity

Sistem inventory adalah serangkaian aktivitas dalam melakukan proses pengelolaan data barang yang terdapat pada penyimpanan yang memiliki peran dan fungsi krusial untuk menyelesaikan permasalahan dalam mengelola, mengontrol, dan memudahkan pelaporan data barang. Sistem inventory diperlukan salah satunya untuk memanajemen persediaan stok vaksin. Saat ini manajemen persediaan vaksin pada dinas kesehatan hingga ke level puskesmas masih ditemukan permasalahan, seperti belum adanya standar perhitungan kuantitas pengadaan dan safety stock yang optimal sehingga persediaan menjadi tidak merata di beberapa wilayah yang menyebabkan terjadinya kelebihan dan kekosongan stok. Hal ini membuat pengelolaan biaya persediaan vaksin tidak efisien. Oleh karenanya, diperlukan sistem inventory yang mampu meningkatkan efisiensi pengelolaan stok vaksin yang optimal dengan meminimumkan biaya. Penelitian yang dilakukan, yaitu membangun smart inventory system menerapkan metode economic order quantity untuk mengoptimalkan persediaan dan mengimplementasikan teknologi RFID (Radio Frequency Identification) berbasis Internet of Things (IoT) untuk mengefisiensi pencatatan pergerakan stok secara otomatis. Sistem dianalisis dan dirancang menggunakan metode SDLC (System Development Life Cycle) sehingga spesifikasi kebutuhan diidentifikasi secara jelas agar dapat memecah permasalahan. Model yang digunakan adalah waterfall methodology. Selanjutnya dilakukan pengujian terhadap smart inventory system. Berdasarkan pengujian yang dilakukan menunjukkan smart inventory system memenuhi kebutuhan dalam pengelolaan stok vaksin secara efektif dan efisien dengan performance error yang terjadi hanya sebesar 1,98%.