Field Of Inventory Management Research Articles

MODELO DE INVENTARIOS PARA LA CADENA AGRÍCOLA DEL MANGO

The globalization has generated changes in world food consumption, demand for healthy foods as fresh fruits and vegetables have increased. The losses in the perishable fruit supply chains can reach up to 40%, the post-harvest loss in Colombia is mainly due to the inadequate planning and execution of the inventory processes. The problem is due to the high perishability of the fruit and its variabil-ity in terms of quality levels, which even under optimal conditions ofstorage tend to decrease. After reviewing publications in the field of inventory management of perishable goods, there is no research regarding fruit supply chain. Additionally, some models do not cover the entire supply chain, and they only focus in studying one or two actors involved in the chain. This article presents a management mod-el of multi-level inventory for fruit mango chain includes functions decay and own losses of highly perishable fruit, a model nonlinear programming, formulated and evaluated in GAMS, which minimizes the total cost of inventory in the chain formed by a farmer, an agro-industrial company, a wholesaler, a hypermarket, a reseller and a retailer allowing calculate the order quantity and time of optimal re-placement of fruit for each echelon.

El inventario como determinante en la rentabilidad de las distribuidoras farmacéuticas.

En el mundo competitivo en que se desenvuelven los negocios, es necesario desarrollar mecanismos de control interno que permitan a las empresas reducir sus costos para obtener mayor utilidad. El presente trabajo tiene por objetivo analizar el control de inventarios, contextualizado en el sector de distribución farmacéutica de la provincia de Guayas-Ecuador, a fin de determinar su incidencia en los costos y en la rentabilidad de las empresas. La metodología a seguir para realizar un diagnóstico contable a profundidad, se sustenta en métodos y técnicas científicas (observación, entrevistas y encuestas) aplicadas en una empresa distribuidora farmacéutica, en la esfera del manejo de inventarios, siendo esta investigación exploratoria y descriptiva. Los resultados obtenidos, presentan los principales inconvenientes del control de inventarios en la distribución farmacéutica, que se centran en la carencia de mecanismos de control, asociado con el tiempo de rotación. Estos resultados servirán de referentes para futuras investigaciones, considerando otros factores de la conducción de inventarios en las empresas comercializadoras, que permitan diseñar sistemas de control contable para contribuir a optimizar los costos de comercialización de este sector, resaltando la necesidad del uso crítico y reflexivo de la teoría contable a lo largo del proceso investigativo, para presentar el siguiente trabajo.

Modeling the Supply Process Using the Application of Selected Methods of Operational Analysis

AbstractSupply process is one of the most important enterprise activities. All raw materials, intermediate products and products, which are moved within enterprise, are the subject of inventory management and by their effective management significant improvement of enterprise position on the market can be achieved. For that reason, the inventory needs to be managed, monitored, evaluated and affected. The paper deals with utilizing the methods of the operational analysis in the field of inventory management in terms of achieving the economic efficiency and ensuring the particular customer’s service level as well.

A vendor-buyer supply chain model with stochastic lead times and screening errors

Inventory management and coordination among different echelons are some of the primary factors for the success of any supply chain. The classical economic order quantity (EOQ) model endeavours to achieve optimisation in the field of inventory management across supply chains. Most of the literature on supply chains ignores the role of quality, human factors and variability in lead-time-demand, while trying to improve its performance. The objective of this paper is to study the combined effect of defective items, inspection errors and stochastic lead time demand on the optimal cost of a two level (vendor-buyer) supply chain. A simple solution procedure along with a numerical example is presented to determine the optimal solution to this model. A sensitivity analysis is carried out to illustrate the significance of different parameters. Finally, a discussion on management insights is presented to complement the model and results.

Survey of Literature on Various Factors Affecting Inventory Management

Materials, manufacturing and marketing departments are the three major operating subsystems of any organization whether it is a production house or a service center, i.e. neither the goods producing organization nor the service providing organizations works without inventory, they have to maintain some inventory for smooth running of their businesses. In recent years, the study of inventory management has gained importance and lot of work has been done in the field of inventory management. This study provides insights to major work done on the various factors affecting inventory management.

Stock management errors and their impact on the productivity of the organization / field study in a sample of stores in the city of Duhok

The Inventory is an important element for organizations, especially the industrial ones' these organizations are trying to keep different types of stock to prevent stalled or production stopped, and this does not mean that the stock does not have such importance in other especially trade organizations, The role played by the stock in trade organizations no less important in the survival and continuity in the market and to maintain their customers. What is important here how to manage inventory properly balanced, in order to avoid the stalled or stopped production processes, or the failure to meet the needs of customers in the event of shortages in stockpiles as well as the case when the increase in the amount of inventory will lead to the survival of part of the head frozen money in the form of stocks is difficult to convert into cash because that depends on the length of the period of production or sale (Abdul Qadir and Abbas, 1991: 167).To reach balance and proper management of the stock to be working to remove and overcome all the mistakes and obstacles that affect inventory management properly, especially during the storage process and turn it into positive points can be invested in inventory management with the aid including availability of technology and ready-made software used in inventory management field.

Emergency inventory management for disasters—A review

There has been a recent surge in the publication of academic literature examining various aspects of emergency inventory management for disasters. This article contains a timely literature review of these studies, beginning with an exposition of the characteristics of storage and delivery options for emergency supplies, with a particular emphasis on the differences between emergency inventories and conventional inventory management. Using a novel classification scheme and a comprehensive search of the inventory related literature, an overview of the emergency inventory management studies is also presented. Finally, based on this extensive review, a discussion is presented based on the critical issues and key findings related to the emergency inventory management field, and include suggestions for future research directions.

A modular approach for integrated inventory management in distribution logistics

Distribution networks are subjected to an increasing dynamic. The ability to adapt to dynamic influences is, therefore, of great importance for the competitiveness of companies. This applies both to planning and material flow processes. However, common planning processes are inflexible due to the underlying planning approaches. Against this background, a modular planning approach that is capable of integrating diverse planning functionalities of inventory management was developed. For this purpose, a service-oriented architecture was introduced. In order to demonstrate the applicability, the approach is validated with a use case in the field of inventory management from the wholesale business.

Technical Note—A Risk- and Ambiguity-Averse Extension of the Max-Min Newsvendor Order Formula

Scarf's max-min order formula for the risk-neutral and ambiguity-averse newsvendor problem is a classical result in the field of inventory management. In this article, we extend Scarf's formula by deriving an analogous closed-form order formula for the risk- and ambiguity-averse newsvendor problem. Specifically, we provide and analyze the newsvendor order quantity that maximizes the worst-case expected profit versus risk trade-off (risk-averse) when only the mean and standard deviation of the product's demand distribution are known (ambiguity-averse), and the risk is measured by the standard deviation of the newsvendor's profit. We provide both analytical and numerical results to illustrate the combined effect of considering risk aversion and ambiguity aversion in computing the newsvendor order.

A Review of Inventory Management for Remanufacturing Environment

This paper outlines work carried out in the field of inventory management on remanufacturing. So far numerous authors have proposed quantitative models taking inventory management in remanufacturing into consideration. However, no general framework has been specified yet. Thus, it appears timely for a composed outline of the issues showing up in the context of remanufacturing inventory control. In this review, the area is subdivided into three main fields, in particular inventory policies, deterministic & stochastic models and lead time effects. For each of the aforementioned fields, the models proposed in the literature are reviewed and the areas in necessity of further research are indicated.

An Inventory Decision Model When Demand Follows Innovation Diffusion Process under Effect of Technological Substitution

The concept of marketing literature, especially innovation diffusion concept, plays a pivotal role in developing EOQ models in the field of inventory management. The integration of marketing parameters, especially the idea of diffusion of new products with the inventory models, makes the models more realistic which is most essential while building the economic ordering policies of the products. Also, because of rapid technological development, the diffusion of technology can also be viewed as an evolutionary process of replacement of an old technology by a new one. Therefore, the effect of technological substitution along with the diffusion of new products must be taken into account while formulating economic ordering policies in an inventory model. In this paper, a mathematical model has been developed for obtaining the Economic Order Quantity (EOQ) in which the demand of the product is assumed to follow an innovation diffusion process as proposed by Fourt and WoodLock (1960). The idea of effect of technological substitution of products has been incorporated in the demand model to make the economic ordering policies more realistic. A numerical example with sensitivity analysis of the optimal solution with respect to different parameters of the system is performed to illustrate the effectiveness of the model.

Optimal Scheme of Solving the Problem of Construction Enterprise Formwork Inventory with Storage Theory

The storage theory which plays a unique role in the application field of inventory management and spare parts adjustment has received extensive attention and application. However, the current researches on the application of the storage theory of intermittent return warehousing management are not sufficient enough. Under the support of the deterministic storage principle, this paper centers on the research of solving the problem of the optimal scheme of construction enterprise formwork inventory with the storage theory.

Production Planning and stocking of Life-Saving Essential Medicines at Vendor’s and Buyer’s End [A Real Case Study and Suggested Feasible Solution

Preface: The author is an entrepreneur engaged in manufacturing and exports of life saving pharmaceutical formulations. He is also an office bearer in several professional associations such as Indian Drugs Manufacturer’s Association- Gujarat State Board, Indian Pharmaceutical Association – Gujarat State Board and in Gujarat Chamber of Commerce and Industry. One of the key challenges faced in international marketing operations by the author’s enterprise- Saga Laboratories, was to maintain optimum stocks at the Vendor’s and the importer’s end in order to avoid shortage of life saving medicines such as antibiotics and anti-malarials. The company approached Dr Pradeep J. Jha, who already has published papers and done work in the field of inventory management. The purpose was to identify a practically feasible management model to address the issue of production planning and stocking of essential life saving medicines. Under the guidance of Dr Jha, the study was done and the models were identified and evaluated. The novel concepts detailed in this study paper is an outcome of such efforts. Novel concepts like Safety Plan stock at buyer’s end, Emergency stock at vendor’s end and No-shortage gain are some of proposed novel concepts that have evolved out of this study and have been successfully implemented. The models were then tested in real life situations by Saga Laboratories for their importers in several Asian, African and South American markets. Owing to successful implementation of this novel business model, it was decided to publish this as a paper and to work further in this direction to come out with newer ideas in this field. This paper will be followed up with further studies in this direction, such as Order Size optimization, profit optimization etc.

An inventory decision model for new products when demand depends on dynamic advertising expenditure

The new product acceptance theory which is well recognised in the marketing literature plays a pivotal role in determining the procurement schedule of the products which are newly introduced in the market for the models developed in the inventory management field. The diffusion of new products are made mainly through the advertisements in different media and the word-of-mouth which are popularly known as external and internal influences respectively. The external influences in the form of advertising greatly influence the innovators, that is, those persons who are to purchase the product as new one. This paper develops an inventory model where demand of the product is assumed to be dynamic over time and influenced by level of advertising expenditure in an innovation diffusion environment based on Horsky and Simon (1983). The paper derives the profit functions for different situations and conditions and jointly optimises the level of initial advertising expenditure with the cycle length. A simple solution procedure in the form of algorithm has been developed to obtain the optimal solution. The numerical example followed by comprehensive sensitivity analysis with respect to different parameters has been performed to know the behaviour and effectiveness of the model.

Análise de modelos e práticas de planejamento e controle da produção na indústria farmacêutica

O presente artigo aborda a questão da baixa utilização de modelos analíticos nos processos de decisão em planejamento da produção e estoques nas empresas. Para identificar as possíveis razões deste fato, foi realizado um estudo de caso em empresas da Indústria Farmacêutica Brasileira, por meio de visitas e entrevistas com os responsáveis pelo planejamento da produção. As empresas consideradas são multinacionais de grande porte, localizadas na região metropolitana de São Paulo. A partir dos resultados das pesquisas de campo e bibliográfica, verificou-se que a complexidade matemática e a falta de experiência dos profissionais com o desenvolvimento e implantação de modelos analíticos são os principais fatores que explicam a baixa utilização destes modelos nas empresas. Finalmente, os autores propõem algumas ações referentes a: i) formação profissional; ii) parcerias com empresas de tecnologia de informação; iii) pesquisa acadêmica na área de planejamento da produção e estoques.

Responsibilities for inventory decisions in Polish manufacturing companies

Inventories constitute one of the basic elements of logistics systems. In fact, inventories present only low value unless situated in the right place and time. The basic goal of this paper was to examine how decision-making process is organised in average Polish companies and how they are prepared to the implementation of the concept of manufacturing to the order, postponement and relative inventory location. The paper presents proportions of production to stock and to order with the basic tendencies of utilisation of capacities in Polish companies. Those are general conditions for basic patterns of inventory decision making in the supply chain depending on the location of decoupling points discussed together with the structure and rotation of inventories. The organisational and time framework for decisions on inventories have been presented, trying to relate it to basic patterns occurring in the location of decoupling points. The basic results of research on practices reported by the surveyed Polish companies in the field of inventory management have been resumed in Conclusions and they have been discussed in comparison with some data from Western countries. The research has been based on two surveys administered in Polish companies and additional information obtained from other smaller scale surveys on logistics-decision-making patterns administered by the author.

An application of simulation to analyse resource sharing among health‐care organisations

In the field of inventory management, it is a well‐known fact that centralisation, by sharing the risk between several entities, helps reduce the inventory required to provide a certain level of service. In practice, centralisation can be difficult to accomplish, because improvements to the system’s general performance may be achieved at the expense of some of the entities involved. This paper describes a simulation‐based methodology used to study the impacts of equipment pooling on a group of local community service centres (CLSCs) in the Montreal (Canada) region. In addition to quantifying the benefits of the pooling process, the approach allowed the stakeholders to reach an agreement by appraising various pooling scenarios and identifying the conditions that would help ensure fairness.

Determining the size and location of suppliers for a minimum total distribution route problem

The locations of production units or warehouses that supply goods to demand positions play an important role in the field of inventory management. We study a multi-location inventory model which takes into account the total installation cost of the warehouses, the service quality related to the delivery time and the total distribution delivery route. The corresponding problem is faced in the framework of a graph theory algorithmic approach.