Inventory Control at Spiegel Grove (original) (raw)

Multi-Echelon Inventory Management Policies: A Case Study for a Two-Echelon Supply Chain

Proceedings of the International Conference on Industrial Engineering and Operations Management, 2020

Effective multi-echelon inventory management has been widely recognized for minimizing the average total inventory cost by promoting the coordination and cooperation among supply chain members. This paper presents a spreadsheet simulation of the inventory performance and associated costs obtained by developing a multi-echelon control policy in a real-world two-stage supply chain. Our simulation model is based on a supply chain network of a company located in Colombia and Panama. The results indicate an inventory cost reduction without negatively affecting customer service levels.

An In-Class Competition Introducing Inventory Management Concepts

Informs Transactions on Education, 2010

E ncouraging interest in inventory management necessitates that instructors overcome concerns that the subject is too abstract or conceptual. To aid in this process, we describe a competition engaging students in concepts, including demand estimation, demand uncertainty, and costs of inventory and shortages. The competition simulates a multi-item newsvendor problem employing participant-generated data. We present results from use of the exercise in multiple class settings over the past decade. A number of possible extensions of the basic competition are discussed. Data collection and analysis materials are available to interested readers.

EasyChair Preprint No 1126 Managing Warehouse Inventory : a Simulation Based Case Study

Simulation is the imitation of a real-world operation or process over time. Warehouse inventory management played an important role in improving customer service and reducing stock outs. Managing warehouse inventory is a challenging task and to address this challenge, we use simulation application in warehouse inventory management. The purpose of this paper is to use simulation in managing inventory of A Building Materials Trading Company in United Arab Emirates (UAE). Firstly, we will develop a model to improve average inventory level, average lost sales, and percentage of customer's dissatisfaction for the main component in the company which is cement. Secondly, we verify and validate our developed model using Arena simulation software. Finally, some recommendations regarding reorder point, batch size and target stock will be given to improve overall warehouse inventory management system.

Managing warehouse inventory: A simulation based case study

2016

Simulation is the imitation of a real-world operation or process over time. Warehouse inventory management played an important role in improving customer service and reducing stock outs. Managing warehouse inventory is a challenging task and to address this challenge, we use simulation application in warehouse inventory management. The purpose of this paper is to use simulation in managing inventory of A Building Materials Trading Company in United Arab Emir-ates (UAE). Firstly, we will develop a model to improve average inventory level, average lost sales, and percentage of customer's dissatisfaction for the main component in the company which is cement. Secondly, we verify and validate our developed model using Arena simulation software. Finally, some recommendations regarding reorder point, batch size and target stock will be given to improve overall warehouse inventory management system.

A Framework for Evaluating and Comparing Inventory Control Policies in Supply Chains

JES. Journal of Engineering Sciences

Supply chains, always, face increased uncertainty in demand. For that reason, inventory control presents a critical issue of supply chain management. Controlling inventories with proper policies can enhance customer service levels, smooth production plans, and reduce operation costs. In this paper, a framework is suggested for evaluating and comparing different types of inventory control policies. Four distinct inventory control policies are discussed and modeled. Different types of measures are used to evaluate the performance of the supply chains which implement these inventory control policies; performance measures used are; fill rate, as an example of desired measures (to be increased), and inventory level, as an example of undesired measures (to be decreased). A framework for evaluating and comparing the overall performance of the inventory policy is developed and applied. A discrete event simulation with ARENA simulation package is used for developing a simplified supply chain model consists of two echelons, with one supplier that prepares and supplies raw materials to a production/inventory system, which has two different inventories, one for supplied raw materials, and the other for finished products. A numerical example is provided to illustrate the applicability of the developed framework. The applied numerical example clarified the ability of the evaluation framework to deal with different types of inventory control policies, and different practice scenarios.

Inventory Control Models and Methods

Inventory control is a major field in OR. Interest in the problems of optimal stock management at a scientific level goes back to the start of the 20th century. The most important impulse, however, came after the 2nd World War when scientists of the caliber of Jacob, Marschak, Kenneth Arrow, Samuel Karlin among others looked into the problem of optimal stocking under stochastic demand. It was characteristic of this discipline, that methods of solving problems of this type were developed first before the necessary commercial electronic data processing for their ready application were available.

Modelling Inventory Management System at Distribution Company: Case Study

Scientific Journal of Riga Technical University. Computer Sciences, 2010

Modelling Inventory Management System at Distribution Company: Case Study The paper presents a case study on improving inventory management at the distribution company which operates in Latvia. The case study is focused on application of different modelling approaches in inventory management under uncertain demand, namely inventory models, simulation models and optimization model. The functionality of each model as well as its benefits for the current problem is discussed in the end of the paper.

Supply Chain Management: A Teaching Experiment

How firms choose and manage their inventory is a question of interest for academics and practitioners in many fields, including Operations Management, Marketing, and Information Technology. Much recent attention has focused on the possibilities of information-sharing systems to aid in this setting, including sharing inventory information among firms (SAP) and sharing point-of-sale data (EDI). This classroom exercise illustrates the existence and implications of bounded rationality on the part of inventory managers, and shows how systems like these can help in inventory decision-making.

12-An object-oriented framework for simulating multi-echelon inventory systems.pdf

In this paper, we discuss the design and use of an object-oriented framework for simulating multi-echelon inventory systems. We present a context for how the framework can be used through its application on two examples. In addition , we describe the design by examining the major conceptual artifacts within the object-oriented model. The framework is built on a Java Simulation Library (JSL) and permits easy modeling and execution of simulation models. The results and discussion indicate the flexibility and power of modeling with the framework. In addition, we summarize our future research efforts to model complex supply chains.