Optimal control in an inventory management problem considering replenishment lead time based upon a non-diffusive stochastic differential equation

Kanekiyo, Hiroaki; Agata, Shinjiro

doi:10.1299/jamdsm.2019jamdsm0008

Cited by 2 publications

(1 citation statement)

References 17 publications

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“…This means that inventory management is concerned with the organisation of a company’s stock in order to minimise stock shortages and overflows and to guarantee that the firm’s stock is used appropriately. The management of inventory supports individuals responsible for determining the requirement for inventory so that purchases may be made in the suitable quantities to sustain production and distribution (Kanekiyo & Agata, 2019). Too much inventory is a wrong decision since it causes stagnation, obsoleteness, destruction and forfeiture of things through theft (Gul et al, 2013; Karim et al, 2018), which will eventually impair a company’s operations and financial risks.…”

Section: Literature Reviewmentioning

confidence: 99%

Prevention of Financial Risk: Cash and Inventory as a Catalyst for Working Capital Management for Lifelong Learning of Small-Scale Operators

Anorue

Ugwoke

2022

SEDME (Small Enterprises Development, Management & Extensio

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Financial risk prevention in businesses entails the ability to discover, analyse and manage any form of financial risks that could affect corporate operations by identifying possible challenges with cash flow, inventories and other resources. This level of protection against these financial risks can be achieved by adopting cash and inventory management strategies. The study was conducted to ascertain cash and inventory as a catalyst for working capital management for prevention of financial risk of small-scale operators. The study employed survey research design with a total of 426 respondents, comprising 336 small-scale enterprise (SSE) operators, 20 accounting lecturers and 70 professional accountants in Imo State using Slovin’s formula and quota sampling technique. To answer the study objectives, mean ([Formula: see text]) and standard deviation were employed to analyse the data, whereas ANOVA was used to test the two null hypotheses at the 0.05 level of significance. The study found that small-scale operators optimise their cash flows by implementing cash and inventory management controls, which assists in predicting and minimising unforeseen expenditures. Based on the findings, it was suggested that small-scale operators should update their knowledge of new technologies and training in order to enhance their competence in managing business cash flow for optimum sustainability.

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Section: Literature Reviewmentioning

confidence: 99%

Prevention of Financial Risk: Cash and Inventory as a Catalyst for Working Capital Management for Lifelong Learning of Small-Scale Operators

Anorue

Ugwoke

2022

SEDME (Small Enterprises Development, Management & Extensio

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A new approach based on inventory control using interval differential equation with application to manufacturing system

Rahman¹,

Das²,

Manna³

et al. 2022

DCDS-S

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<p style='text-indent:20px;'>Now-a-days, uncertainty conditions play an important role in modelling of real-world problems. In this regard, the aim of this study is two folded. Firstly, the concept of system of interval differential equations and its solution procedure in the parametric approach have been proposed. To serve this purpose, using parametric representation of interval and its arithmetic, system of linear interval differential equations is converted to the system of differential equations in parametric form. Then, a mixing problem with three liquids is considered and the mixing process is governed by system of interval differential equations. Thereafter, the mixing liquid is used in the production process of a manufacturing firm. Secondly, using this concept, a production inventory model for single item has been developed by employing mixture of liquids and the proposed production system is formulated mathematically by using system of interval differential equations.The corresponding interval valued average profit of the proposed model has been obtained in parametric form and it is maximized by centre-radius optimization technique. Then to validate the proposed model, two numerical examples have been solved using MATHEMATICA software. In addition, we have shown the concavity of the objective function graphically using the code of 3D plot in MATHEMATICA. Finally, the post optimality analyses are carried out with respect to different system parameters.</p>

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Optimal control in an inventory management problem considering replenishment lead time based upon a non-diffusive stochastic differential equation

Cited by 2 publications

References 17 publications

Prevention of Financial Risk: Cash and Inventory as a Catalyst for Working Capital Management for Lifelong Learning of Small-Scale Operators

Prevention of Financial Risk: Cash and Inventory as a Catalyst for Working Capital Management for Lifelong Learning of Small-Scale Operators

A new approach based on inventory control using interval differential equation with application to manufacturing system

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