An optimization approach for inventory costs in probabilistic inventory models: A case study

Pulido-Rojano, Alexander; Pizarro-Rada, Andrea; Padilla-Polanco, Miguel; Sánchez-Jiménez, Milton; De-la-Rosa, Ladianys

doi:10.4067/s0718-33052020000300383

Cited by 7 publications

(10 citation statements)

References 13 publications

(19 reference statements)

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“…Metode inventori probabilistik merupakan metode optimasi dengan pendekatan minimasi biaya inventori. Model inventori probabilistik mencoba menyeimbangkan antara menyediakan kebutuhan barang dalam jumlah yang tepat dan disaat yang sama menjaga penurunan penjualan karena kekurangan barang [9].…”

Section: Pendahuluanunclassified

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Penerapan Pengendalian Persediaan Material Dinamit/Expogel Menggunakan Metode Inventori Probabilistik Model Q-Back Order di PT Pindad (Persero)

et al. 2022

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PT Pindad (Persero) is in charge of producing commercial military products for the benefit of the government and private sector. However, in its production activities, the company has difficulties in controlling the inventory, one of which is in the dynamite/expo gel component. Stock control using probabilistic inventory method Q-back order model is used to balance between the needs of goods that must be provided and maintain the decrease in sales due to the shortage of goods. This study aims to determine the size of the order lot that minimizes the cost of supplies on the dynamite/expo gel component at PT Pindad (Persero). The optimal order lot size of the calculation result was with service level of 97.77%. The comparison with company policy showed a decrease in total inventory cost of 0.6% and a decrease in storage costs of 88%.

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Section: Pendahuluanunclassified

“…Berdasarkan hasil perhitungan 𝛼, dicari nilai 𝑧 𝛼 menggunakan tabel statistik. Hasil pencarian 𝑧 𝛼 kemudian digunakan untuk menghitung reorder point dengan persamaan (9).…”

Section: Metodeunclassified

Penerapan Pengendalian Persediaan Material Dinamit/Expogel Menggunakan Metode Inventori Probabilistik Model Q-Back Order di PT Pindad (Persero)

et al. 2022

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“…A solution for decreasing the risk in the agriculture domain is performed by the application of the portfolio theory [31]. The application of quantitative modeling of business management is assessed and evaluated in [32,33]. The stock process of companies for the development of e-business services is predicted and managed, applying portfolio modeling and optimization to assess the future behavior of the e-business [34].…”

Section: Quantitative Models For Business Management and Applications...mentioning

confidence: 99%

An Algorithm for Business Management Based on Portfolio Optimization

Stoilov

Stoilova

2022

Mathematics

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An algorithm is derived for active business management. The key component of the algorithm is the definition and solution of an appropriate portfolio problem. For the last one, the disbursements for the business management are regarded as potential portfolio resources. For the portfolio definition, the increases or decreases of the disbursements are assumed to be the assets, whose weights are found as solutions from the portfolio optimization problem. These solutions recommend the reallocation of the resources between different disbursements, which increases the income of the business entity. The definition and solution of this portfolio problem are made sequentially in time, and the obtained solutions are applied as recommendations for future business management steps. An algorithm for business management, based on the sliding mode of repetitive definitions and solutions of portfolio problems with historical data of last disbursements, gives recommendations for the reallocation of resources for the next future period of management. The algorithm is numerically tested with real data on animal husbandry from Bulgaria. The empirical results demonstrate an advantage in increasing the husbandry income in comparison with the lack of such an active business policy. The algorithm can be implemented as a software solution in an appropriate programming system, supporting fintech service for active business management.

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“…In this connection, one may refer to the works of Kazemi et al [14], De and Sana [15], Mondal et al [16], Mondal et al [17], and De et al [18] in which the imprecise parameters are represented by either fuzzy sets or fuzzy numbers. Representing the impreciseness by random variables, the works of Pulido-Rojano [19] and Adak and Mahapatra [20] are worth mentioning. Using the interval approach, Dutta and Kumar [21], Bhunia and Shaikh [22], and Bhunia et al [23] proposed several inventory models.…”

Section: Introductionmentioning

confidence: 99%

Impact of Trapezoidal Demand and Deteriorating Preventing Technology in an Inventory Model in Interval Uncertainty under Backlogging Situation

et al. 2021

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The demand for a product is one of the important components of inventory management. In most cases, it is not constant; it may vary from time to time depending upon several factors which cannot be ignored. For any seasonal product, it is observed that at the beginning of the season, demand escalates over time, then it is stable and after that, it decreases. This type of demand is known as the trapezoidal type. Also, due to the uncertainty of customers’ behavior, inventory parameters are not always fixed. Combining these two concepts together, an inventory model is formulated for decaying items in an interval environment. Preservative technology is incorporated to preserve the product from deterioration. The corresponding mathematical formulation is derived in such a way that the profit of the inventory system is maximized. Consequently, the corresponding optimization problem is converted into an interval optimization problem. To solve the same, different variants of quantum-behaved particle swarm optimization (QPSO) techniques are employed to determine the duration of stock-in time and preservation technology cost. To illustrate and also to validate the model, three numerical examples are considered and solved. Then the computational results are compared. Thereafter, to study the impact of different parameters of the proposed model on the best found (optimal or very close to optimal) solution, sensitivity analysis are performed graphically.

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An optimization approach for inventory costs in probabilistic inventory models: A case study

Abstract: An optimization approach for inventory costs in probabilistic inventory models: A case studyUn enfoque de optimización para costos de inventario en modelos de inventario probabilísticos: Un caso de estudio

Cited by 7 publications

References 13 publications

Penerapan Pengendalian Persediaan Material Dinamit/Expogel Menggunakan Metode Inventori Probabilistik Model Q-Back Order di PT Pindad (Persero)

Penerapan Pengendalian Persediaan Material Dinamit/Expogel Menggunakan Metode Inventori Probabilistik Model Q-Back Order di PT Pindad (Persero)

An Algorithm for Business Management Based on Portfolio Optimization

Impact of Trapezoidal Demand and Deteriorating Preventing Technology in an Inventory Model in Interval Uncertainty under Backlogging Situation

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