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"inventory control"
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Materials and Inventory Management
This book offers a detailed analysis of the concepts and practices involved in managing materials and inventory. The book covers topics such as demand forecasting, inventory control, procurement, logistics, and supply chain management. It also delves into the latest technologies and tools used in the field, such as enterprise resource planning (ERP) systems and radio-frequency identification (RFID) technology. This book is a must-read for students, professionals, and researchers interested in the field of materials and inventory management.
eBook
Managing Perishable Inventories in Retailing: Replenishment, Clearance Sales, and Segregation
We study joint replenishment and clearance sales of perishable goods under a general finite lifetime and a last-in-first-out (LIFO) issuing rule, a problem common in retailing. We show that the optimal policies can be characterized by two thresholds for each age group of inventory: a lower one and a higher one. For an age group of inventory with a remaining lifetime of two periods or longer, if its inventory level is below its lower threshold, then there is no clearance sales; if it is above its higher threshold, then it will be cleared down to the higher threshold. The optimal policy for the age group of inventory with a one-period remaining lifetime is different. Clearance sales may occur if its inventory level is above its higher threshold or below its lower threshold. The phenomenon that a clearance sale happens when the inventory is low is driven by the need to segregate the newest inventory from the oldest inventory and is unique to the LIFO issuing rule. The optimal policy requires a full inventory record of every age group and its computation is challenging. We consider two myopic heuristics that require only partial information. The first requires only the information about the total inventory and the second requires the information about the total inventory as well as the information about the inventory with a one-period remaining lifetime. Our numerical studies show that the second outperforms the first significantly and its performance is consistently very close to that of the optimal policy.
Journal Article
Perishable inventory systems
This text explores the benefits of a periodic review versus continuous review, and a look at a one-period newsvendor perishable inventory model. Topics include one-for-one policies, models with zero lead time, and optimal policies with positive lead time.
Book
Material requirements planning with a novel lot sizing method and a new algorithm for production scheduling
Material Requirements Planning is an intelligent information system and a decision maker that determines the type of raw materials, the quantity of them, and their supplying time in order to realize production schedule of products and work-in-process items in a manufacturing system. In each manufacturing system, if we split production costs into material, labor, and overhead costs, we will observe that over 60% of total production costs are related to material. Therefore, it is necessary to consider an appropriate inventory control system to manage the costs of inventory system to provide right inventory, with right quantity, at the right time, at the right price, and with appropriate quality. Lot sizing methods in previous researches do not provide feasible and operational solutions, or have parameters such as holding costs and set up costs that are not identified in financial accounts. To solve this research gap, in this paper, we presented a new lot sizing method considering two important parameters including batch size of the items and the minimum order quantity that a supplier provides for the items. Simultaneously, we designed a new production scheduling algorithm in Master Production Schedule component for a manufacturing system with
k
production lines and
m
products with
n
Bill of Materials for each product. At the end, we programmed our new mentioned contributions and developed Material Requirements Planning module of a Supply Chain Management system.
Journal Article
The Impact of Inventory Management on Stock-Outs of Essential Drugs in Sub-Saharan Africa: Secondary Analysis of a Field Experiment in Zambia
To characterize the impact of widespread inventory management policies on stock-outs of essential drugs in Zambia's health clinics and develop related recommendations.
Daily clinic storeroom stock levels of artemether-lumefantrine (AL) products in 2009-2010 were captured in 145 facilities through photography and manual transcription of paper forms, then used to determine historical stock-out levels and estimate demand patterns. Delivery lead-times and estimates of monthly facility accessibility were obtained through worker surveys. A simulation model was constructed and validated for predictive accuracy against historical stock-outs, then used to evaluate various changes potentially affecting product availability.
While almost no stock-outs of AL products were observed during Q4 2009 consistent with primary analysis, up to 30% of surveyed facilities stocked out of some AL product during Q1 2010 despite ample inventory being simultaneously available at the national warehouse. Simulation experiments closely reproduced these results and linked them to the use of average past monthly issues and failure to capture lead-time variability in current inventory control policies. Several inventory policy enhancements currently recommended by USAID | DELIVER were found to have limited impact on product availability.
Inventory control policies widely recommended and used for distributing medicines in sub-Saharan Africa directly account for a substantial fraction of stock-outs observed in common situations involving demand seasonality and facility access interruptions. Developing central capabilities in peripheral demand forecasting and inventory control is critical. More rigorous independent peer-reviewed research on pharmaceutical supply chain management in low-income countries is needed.
Journal Article
Inventory Record Inaccuracy: An Empirical Analysis
Traditional inventory models, with a few exceptions, do not account for the existence of inventory record inaccuracy (IRI), and those that do treat IRI as random. This study explores IRI observed both within and across product categories and retail stores. Examining nearly 370,000 inventory records from 37 stores of one retailer, we find 65% to be inaccurate. We characterize the distribution of IRI and show, using hierarchical linear modeling (HLM), that 26.4% of the total variance in IRI lies between product categories and that 2.7% lies between stores. We identify several factors that mitigate record inaccuracy, such as inventory auditing practices, and several factors that exacerbate record inaccuracy, such as the complexity of the store environment and the distribution structure. Collectively, these covariates explain 67.6% and 69.0% of the variance in IRI across stores and product categories, respectively. Our findings underscore the need to design processes to reduce the occurrence of IRI and highlight factors that can be incorporated into inventory planning tools developed to account for its presence.
Journal Article