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1
Mehmeti, Ardit. "Stochastic Inventory Management." Thesis, Linnéuniversitetet, Institutionen för matematik (MA), 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-101526.
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This bachelor thesis is about a stochastic inventory theory and how changes in different parameters affect the cost system. The inventory is based on a stochastic version of an economic quantity order (EOQ) model with planned shortages. For the deterministic EOQ-model with planned shortages there is a convenient formula for optimal order quantity $Q$ minimizing the cost per time unit. For the stochastic version an ($R$,$Q$)-policy is applied where $R$ is a reorder point such that if the inventory level is below $R$ and order is sent and the ordered products arrive after a lead time $L$. Since a formula for the stochastic inventory is not known, optimal choice of $Q$ is numerically obtained by simulations and compared with the optimal $Q$ for the deterministic EOQ with planned shortages. The demand is for simplicity described by a Poisson process. Since having a stochastic inventory model the basic mathematical EOQ formula is inadequate and is replaced with an approximate EOQ formula with planned shortages. By the simulations the accuracy of the EOQ model with planned shortages approximation is investigated and optimal values for some of the parameters are obtained.
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Anderson, James Robert 1972. "Automation of inventory management." Thesis, Massachusetts Institute of Technology, 2002. http://hdl.handle.net/1721.1/34723.
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Thesis (S.M.)--Massachusetts Institute of Technology, Sloan School of Management; and, (S.M.)--Massachusetts Institute of Technology, Dept. of Electrical Engineering and Computer Science; in conjunction with the Leaders for Manufacturing Program at MIT, 2002.Includes bibliographical references.
Qualcomm Wireless Business Solutions (QWBS) provides communication equipment and services used to track trucking fleets and other capital assets via satellite. Order fulfillment and inventory management practices in QWBS were non-uniform and manually intensive. Buyers used their own intuition and rules-of-thumb to decide how many parts to order and how many parts should be held in stock to buffer against unexpected demand fluctuations. Non-uniform, manual inventory management practices resulted in higher inventory levels, lower customer service, and higher operational costs than can be achieved with uniform, formal management practices. This thesis describes the design and implementation of an automated inventory management system that optimizes inventory levels and alleviates manual effort. Benchmarking was used to show how a similar firm used inventory management techniques to improve efficiency and reduce costs. Quantitative analysis was used to develop an inventory management simulator that allowed alternative management strategies to be tested before implementing changes to the real system. Simulation results showed that QWBS inventories for fiscal year 2001 (FY01) could have been reduced by 40% had an automated inventory management policy been in place. In addition, automation would have reduced the manual effort of buyers by about 32%. Results from the simulator motivated the formation of the Automated Inventory Manager (AIM) project team. AIM is designed to automate order fulfillment and inventory management tasks and allow procurement's human resources to be redirected from low level transaction processing tasks to more value-added tasks. AIM is expected to liberate $700K in working capital and save approximately $240K per year in ongoing inventory and labor cost reductions, representing a 1-year ROI of 200%. However, AIM represents only the first step in a recommended cost reduction program to streamline the fulfillment of customer orders and reduce organizational redundancies.
by James Robert Anderson.
S.M.
3
Relph, Geoffrey James Frederick. "Inventory Management in Business Systems." Thesis, University of Manchester, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.516874.
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MacDonald, Steven D. "Navy inventory management decision-making." Monterey, California. Naval Postgraduate School, 1997. http://hdl.handle.net/10945/8724.
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The General Accounting Office (GAO) has stated that the Department of Defense (DoD) believes it is better to overbuy inventory items than to manage with just the right amount of stock. This thesis asserts that Navy inventory managers do not have a general tendency to overbuy items, but rather make rational purchasing decisions influenced and motivated by the environment of rewards and penalties in which they work. It is also asserted that Navy inventory managers are risk adverse due to the nature of their environment. Personal stockout costs are examined as one of the key factors influencing decision-making and risk adverse behavior. This thesis introduces a conceptual model that describes the Navy inventory management decision-making environment. This model shows the relationship between personal stockout costs, required service levels, cost considerations, and planning horizons across the different decision-making levels in the Navy. This study concludes that readiness-based performance measures must be changed to incorporate a cost focus, and that the risk facing inventory managers due to personal stockout costs needs to be reduced to change their behavior of lower inventory levels are desired
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Sriram, Ranganath. "Inventory management for drug discovery." Thesis, Massachusetts Institute of Technology, 2008. http://hdl.handle.net/1721.1/43863.
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Thesis (S.M.)--Massachusetts Institute of Technology, Engineering Systems Division; and, (M.B.A.) -- Massachusetts Institute of Technology, Sloan School of Management; in conjunction with the Leaders for Manufacturing Program at MIT, 2008.Includes bibliographical references (p. 67-69).
This thesis documents a study carried out at the Novartis Institutes for BioMedical Research (NIBR) in Cambridge, MA. The study focused on the development of inventory management processes for laboratory consumables. The pharmaceutical R&D process is characterized by a dynamic project portfolio, which results in a great diversity of stock-keeping-units, low repeat order rates and high variability in consumption rates. These factors create significant challenges for the design of inventory management processes. We first present an assessment and diagnosis of the current state of inventory management at NIBR, using data gathered from various NIBR sites as well as other companies. We discuss underlying drivers that influence current behavior, and identify opportunities for improvement. We then develop alternative models for inventory management and compare these models along several dimensions such as stock room location & control, inventory ownership and replenishment options. We recommend the use of consolidated department level stock rooms as the most suitable option for NIBR. Detailed implementation plans are then developed and validated through a case study. We present key findings and recommendations for implementation, and discuss opportunities for future projects.
by Ranganath Sriram.
M.B.A.
S.M.
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Kim, Chiwon 1978. "Dynamic inventory management with expediting." Thesis, Massachusetts Institute of Technology, 2008. http://hdl.handle.net/1721.1/44803.
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Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Mechanical Engineering, 2008.Includes bibliographical references (leaves 108-110).
In modern global supply chains, goods travel stochastically from suppliers to their final destinations through several intermediate installations such as ports and distribution facilities. In such an environment, the supply chain must be agile to respond quickly to demand spikes. One way to achieve this objective is by expediting outstanding orders from the intermediate installations through premium delivery. In this research, we study the optimal expediting and regular ordering policies of a serial supply chain with a radio frequency identification deployment at each installation. Radio frequency identification technology allows capturing the state of the system, i.e., the time and location of goods, at any point in time, and thus enables to expedite outstanding orders directly to the destination, which faces stochastic demand. We identify systems, called sequential, that yield simple and tractable optimal policies. For sequential systems, outstanding orders including expediting do not cross in time. For such systems, we find that the optimal policies of expediting and regular ordering are the base stock type policies. The directional sensitivity of the base stock levels with respect to expediting costs is also obtained. We provide an important managerial insight on the radio frequency identification technology: we need to actively use the additional information from the radio frequency identification technology through new business processes such as expediting to unveil more benefits from the supply chain. On the other hand, orders may cross in time for systems that are not sequential, thus in such a case optimal policies are hard to obtain. We propose a heuristic for such systems and discuss its performance and limitation.
(cont.) Lastly, as an extension to the model, we study the optimal policies of expediting and regular ordering when there is an expiry date on outstanding orders. The optimal expediting policy identifies a number of base stock levels depending on the age of the orders, but the structure of the optimal policy remains simple for sequential systems.
by Chiwon Kim.
Ph.D.
7
Han, Dafei. "Material planning and inventory management." Thesis, Massachusetts Institute of Technology, 2008. http://hdl.handle.net/1721.1/46157.
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Thesis (M. Eng.)--Massachusetts Institute of Technology, Dept. of Mechanical Engineering, 2008.Includes bibliographical references (leaf 43).
The management of raw material at Blue Brick in Singapore is costly as the company is forced to pay for external storage when the ports' time allowance runs out. A new ordering policy of (Q, R) continuous review model with forecast demand is developed to reduce inventory in the external warehouse. The policy parameters of four most commonly used paperboards are determined and simulations based on historical demand data are run to evaluate the policy. A simulation with Crystal Ball is also run to prove the efficacy of the (Q, R) method. Both the theoretical and simulation results suggest that the new ordering policy satisfies the stock-out requirement and ports' inventory day requirement. Thus Blue Brick can eliminate the four common paperboards' inventory in the external warehouse. Moreover if the forecast errors of other paperboards have the same levels as the ones of the four common paperboards, Blue Brick could eliminate all the inventories in the external warehouse.
by Dafei Han.
M.Eng.
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ZHANG, JIANG. "THREE ESSAYS ON INVENTORY MANAGEMENT." Case Western Reserve University School of Graduate Studies / OhioLINK, 2004. http://rave.ohiolink.edu/etdc/view?acc_num=case1087418721.
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Summerfield, Nichalin Suakkaphong. "Games of Decentralized Inventory Management." Diss., The University of Arizona, 2010. http://hdl.handle.net/10150/194894.
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Any decentralized retail or wholesale system of competing entities requires a benefit sharing arrangement when competing entities collaborate after their demands are realized. For instance, consider a distribution system similar to the observed behavior of independent car dealerships. If a dealership does not have in stock the car requested by a customer, it might consider acquiring it from a competing dealer. Such behavior raises questions about competitive procurement strategies that achieve system optimal outcomes. This dissertation consists of three main bodies of work contained respectively in chapters 2, 3, and 4. In the first work -- chapter 2, we examine a decentralized system that adopts an ex-post agreed transfer payment approach proposed by Anupindi et al. (Manuf. Serv. Oper.Manag. 4(3):349-368, 2001). In particular, we state a set of conditions on cost parameters and distributions that guarantee uniqueness of pure strategy Nash equilibrium. In the second work -- chapter 3, we introduce a multilevel graph framework that links decentralized inventory distribution models as a network of stochastic programming with recourse problems. This framework depicts independent retailers who maximize their individual expected profits, with each retailer independently procuring inventory in the ex-ante stage in response to forecasted demand and anticipated cooperative recourse action of all retailers in the system. The graph framework clarifies the modeling connection between problems in a taxonomy of decentralized inventory distribution models. This unifying perspective links the past work and shades light on future research directions. In the last work -- chapter 4, we examine and recast the biform games modeling framework as two-stage stochastic programming with recourse. Biform games modeling framework addresses two-stage games with competitive first stage and cooperative second stage without ex-ante agreement on profit sharing scheme. The two-stage stochastic programming view of biform games is demonstrated on examples from all the known examples regarding operational decision problems of competing firms from the literature. It allows an “old” mathematical methodology to showcase its versatility in modeling combined competitive and cooperative game options. In short, this dissertation provides important insights, clarifications, and strategic limitations regarding collaborations in decentralized distribution system.
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Herr, Lea. "Home management system application development for inventory management /." [Denver, Colo.] : Regis University, 2006. http://165.236.235.140/lib/lherr2007.pdf.
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Diaz, Francis S., Leonel O. Brito, and Nick Cardenas. "Implementing the National Inventory Management Strategy: a case study on DLA's National Inventory Management Strategy (NIMS)." Monterey California. Naval Postgraduate School, 2006. http://hdl.handle.net/10945/10066.
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MBA Professional ReportSince 1990, the Government Accountability Office (GAO) audits have assessed supply chain management as a high-risk area within the Department of Defense (DoD). In response to these findings, the Defense Logistics Agency (DLA) developed the National Inventory Management Strategy (NIMS) initiative. This initiative combines the consumable repair inventories of DLA (wholesale level) and each armed service (retail level) into a single national inventory. The United States Navy and DLA established test sites at Naval Air Station Ingleside, Naval Air Station Whidbey Island, and Marine Corps Air Station Miramar to demonstrate its benefits and measure its performance. The aim of this report is to analyze NIMS preliminary performance metrics in terms of effectiveness and its impact on supply chain management within the Navy and DLA.
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Karlsson, Lovisa, and Carolina Cardona. "Inventory Management from an aftermarket perspective." Thesis, Mälardalens högskola, Akademin för innovation, design och teknik, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:mdh:diva-21097.
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謝永然 and Wing-yin Tse. "Time series analysis in inventory management." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1993. http://hub.hku.hk/bib/B31977510.
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ESCADA, PEDRO LUIS SOBRAL. "INVENTORY MANAGEMENT INDICATORS IN STOCK PETROBRAS." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2012. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=37137@1.
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Este estudo tem como foco evidenciar que há meios para melhorar a competitividade da Petrobras utilizando-se de processos potencializados pelas novas tecnologias associadas aos conceitos de controle preexistentes como os indicadores de desempenho e a difusão destes dados por toda Companhia. Com uma gestão planejada, focada na otimização de recursos e apoiada em dados mostra-se a possibilidade de apoiar as decisões na gestão da cadeia de suprimentos (Supply Chain Management) que passa a ter um papel determinante na integração de processos, desde os fornecedores iniciais até os consumidores finais, em um modelo de negócio harmônico e de alto desempenho. Seu objetivo é agregar o maior valor possível ao consumidor. Neste estudo utiliza-se o estudo da logística de estoques de materiais focado no balanceamento do Trade off (perdas compensatórias): Nível de serviço versus capital de giro, otimizando recursos financeiros e potencializando ao máximo o nível de serviço. Trata-se de um estudo de caso apoiado pelo método de Painel de Consenso, focada na opinião de especialistas, apoiada em sistemas informatizados, sem o qual não seria possível chegar às conclusões indicadas.This study focuses on evidence that there are ways to improve the competitiveness of Petrobras using processes augmented by new technologies associated with the concepts of control as pre-existing performance indicators and dissemination of such information throughout Cia With a planned management, focused on resource optimization and supported by data showing the possibility of supporting the decisions in supply chain management – SCM which is replaced by a decisive role in the integration process, from initial suppliers to final consumers, business model in a harmonic and high performance. His goal is to add the most value to the consumer. This study uses the study of logistics inventory of materials focused on balancing the Trade off (loss allowances): Service Level versus working capital, optimizing and leveraging financial resources to the maximum level of service. This is a case study method supported by Consensus Panel, focused on expert opinion, supported by computerized systems, without which it would be possible to reach the conclusions stated.
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Máková, Barbora. "Hedge Ratio Estimation in Inventory Management." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-198395.
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Companies dependent on commodities for their production have to deal with volatile commodity prices and should employ measures for risk reduction as unfavourable spot price development may cause significant losses. A useful tool for diminishing the risk is hedging on futures market; however, this approach faces a crucial question of optimal hedge ratio determination (ratio between spot and futures units). Our thesis examines nine different ways of optimal hedge ratio estimation (naive, Sharpe, mean extended Gini coefficient, generalized semivariance, value at risk, and minimum variance through OLS, error correction, GARCH, and bivariate GARCH models) and evaluates their efficiency using the data on eight different commodities. The results differ across the respective commodities and cannot be generalized. Two conclusions resulting from the analysis refer to performance of naive and OLS hedge ratios and constant vs time varying hedge ratios. We find that complex hedge ratios, such as bivariate GARCH or VaR hedge ratios, do not outperform naive and OLS hedge ratios and that the results of constant hedge ratios are mostly as good as results of time-varying hedge ratios.
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Gunes, Hurdogan. "Inventory Management Through Vendor Managed Inventory In A Supply Chain With Stochastic Demand." Master's thesis, METU, 2010. http://etd.lib.metu.edu.tr/upload/12612622/index.pdf.
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Vendor Managed Inventory (VMI) is a business practice in which vendors monitor
their customers&rsquoinventories, and decide when and how much inventory should be replenished. VMI has attracted a lot of attention due to its benefits. In this study, we analyze the benefits of VMI in a supply chain consisting of a single retailer and a single capacitated supplier under stochastic demand. We propose a VMI setting and compare the vendor managed system with the traditional system to quantify the benefits of VMI. In our proposed VMI system, the retailer shares the inventory level information with the supplier, which is not available in traditional system
and the supplier is responsible to keep the retailer&rsquo
s inventory level between the specified minimum and maximum values, called (z,Z) levels, set by a contract. We examine the benefits of such a VMI system for each member and for the overall chain
and analyze the effects of system parameters on these benefits. The performance of VMI in coordinating the overall chain is examined under different system parameters.
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Hilding, Gustaf, and Kristoffer Ryytty. "Consumption-driven Inventory Control : A study of inventory management applied to machining tools." Thesis, KTH, Industriell produktion, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-174148.
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Within manufacturing industries, capital is tied up in machines, tools and inventory of unprocessed raw materials as well as finished goods and everything in between, also known as work in progress. Naturally, firms strive to minimize the capital employed in these items and thus facilitate a leaner operation. At the same time, it is important to maintain a stable and uninterrupted production. A prerequisite for maintaining a stable production is that the inputs of the production processes are available at all times. Machining tools need to always be available and easily accessible in order to minimize machine downtime in between batch orders, and if a machine breaks down, the necessary spare parts must be provided quickly. This study has been performed in order to investigate when it would be beneficial for a manufacturer of heavy vehicles to achieve a consumption-driven system for ordering machining tools. More specifically, it looks into the prerequisites and the potential benefits of such a system.This research has been done by conducting a case study at Scania Transmission Machining in Södertälje, Sweden, which is the department responsible for manufacturing conical gears and gear transmission components for Scania’s European production. The case study included a diagnosis of the current inventory control situation, which served the purpose of identifying weaknesses in the system and potential areas of improvement. Furthermore, simulations were conducted based on historical transaction data from the storage unit which supplies tools for the case company. This was done in order to investigate how a consumption-driven inventory control system may be set up in practice and to provide figures on potential monetary gains as well as other benefits.The findings from this study indicate that there are many incentives for Scania Transmission Machining to adopt and implement an inventory control system for machining tools which is based on the consumption. First off, the diagnosis of the current inventory control system revealed several weaknesses and inefficiencies in the system. Furthermore, simulating the inventory levels for a sample of tools showed improvements in terms of the number of days of shortage and in a lower average inventory level. Finally, the monetary savings have been estimated to amount to roughly 1 million SEK per year.Inom tillverkande industri är kapital bundet i maskiner, verktyg och material av olika slag samt färdiga varor och allt däremellan, även kallat produkter i arbete. Företag strävar efter att minimera det uppbundna kapitalet i dessa enheter i syfte att få till stånd en kostnadseffektiv produktion. Samtidigt som man vill minska mängden uppbundet kapital är det viktigt att bibehålla en stabil produktion. En förutsättning för detta är att produktionsprocessernas råvaror och verktyg alltid finns tillgängliga. Skärande verktyg måste alltid finnas tillgängliga och lättåtkomliga för att minimera stilleståndstiden mellan produktionsordrar, och om en maskin går sönder måste de rätta reservdelarna kunna tillhandahållas snabbt. Den här studien har utförts för att undersöka när det skulle vara fördelaktigt för en tillverkare av tunga fordon att implementera ett förbrukningsstyrt system för beställning av skärande verktyg. Studien fokuserar mer specifikt på de förutsättningar som krävs för att ett förbrukningsstyrt system ska kunna implementeras och på de potentiella fördelarna med ett sådant system.En fallstudie har genomförts på Scania Transmission Machining i Södertälje, Sverige, den avdelning som tillverkar koniska växlar och andra transmissionskomponenter för Scanias europeiska produktion. I fallstudien ingår en diagnos av den aktuella lagerstyrningssituationen i syfte att identifiera svagheter i systemet och potentiella förbättringsområden. Vidare har simuleringar utförts, baserade på transaktioner från förrådsenheten som förser produktionen med verktyg. Detta syftade till att undersöka hur ett förbrukningsstyrt lagerstyrningssystem kan upprättas i praktiken och för att ta utreda vad vinningen i så fall skulle vara.Resultaten från studien visar att det finns många anledningar för Scania Transmission Machining att implementera ett förbrukningsstyrt lagerstyrningssystem för skärande verktyg. Först och främst avslöjade diagnosen av den aktuella lagerstyrningssituationen flertalet brister i systemet. Dessutom visade simuleringarna av verktygens lagernivåer på förbättringar när det gäller antalet dagar med brist och samtidigt en lägre genomsnittlig lagernivå. Slutligen har vinsten med att övergå till en förbrukningsstyrd modell uppskattats uppgå till ca 1 000 000 kronor.
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Zhang, Yi. "Inventory and pricing management in probabilistic selling." Doctoral thesis, Universitat Politècnica de Catalunya, 2019. http://hdl.handle.net/10803/665359.
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Context: Probabilistic selling is the strategy that the seller creates an additional probabilistic product using existing products. The exact information is unknown to customers until they receive the probabilistic products. This strategy is still a relatively new area for both researchers and practitioners. Many of the corresponding operations problems need to be solved to take full advantage of the opportunity of this innovative marketing strategy. However, limited attention has been paid to examining the inventory management of probabilistic selling from the perspective of Operations Management, which cannot meet the needs of decision-making in reality.
Objectives: Considering different characteristics of the probabilistic product, the buyer, and the seller involved in probabilistic selling, i.e., the probabilistic product form, the buyers’ behaviours of demand switch and barter exchange, and the seller's product allocation behaviour, we establish models and solve the decision problems of pricing, inventory, joint decision of pricing-inventory, and product allocation, etc. Based on the analysis of optimal decisions and strategy comparison results, we shed some lights on the effectiveness of probabilistic selling on managing uncertainty, and its profitability.
Method: First, we analyze the practice scenarios of probabilistic selling. Next we mainly use newsvendor inventory model, hotelling model, and optimization theory to model, solve, and analyze the operational problems. Then we give some analytical results. Next we conduct the numerical analysis using softwares of Matlab and Mathematica. Finally, we provide insightful managerial implications for the practice of probabilistic selling.
Results: The thesis derives the optimal operational decisions of inventory order, pricing, inventory allocation, and product line design in probabilistic selling. Overall, the analysis of the results show that probabilistic selling can benefit the seller with higher expected profit by reducing demand/supply uncertainty and improving inventory efficiency. The performance of probabilistic selling is closely dependent on customers' price sensitivity, product similarity, and uncertainty level, etc. Main results considering different research scenarios are as follows:
1) When the price for the probabilistic product is independent on demand reshape, a proper cannibalization can benefit the retailer in terms of yielding a higher expected profit. Probabilistic selling is more profitable with relatively lower product similarity and higher price-sensitive customers, while inventory substitution strategy outperforms probabilistic selling with higher product similarity.
2) When the price for the probabilistic product is dependent on demand reshape, probabilistic selling can benefit the seller with higher expected profit and lower inventory. Probabilistic selling is more profitable with lower product differentiation, higher customers' price sensitivity, and higher demand uncertainty. Improper pricing would undermine the seller's profit.
3) When the seller offers physical probabilistic product, he can benefit from two effects, namely the risk pooling effect due to demand reshape and the risk diversification effect due to inventory flexibility.
4) When the seller offers barter choice in probabilistic selling, he may benefit from the marketing effect in the barter process. Offering barter choice can broaden the application range of probabilistic selling, which will increase with successful barter probability.
Conclusions/Implications: First, the thesis helps sellers understand how to manage their inventory, pricing and related implementation issues to take full advantage of probabilistic selling. Second, this thesis explores the mechanism of this innovative marketing strategy as an inventory management tool to combat uncertainty which also riches the literature on Operations Management, especially inventory management.Antecedentes: Los productos probabilísticos son productos adicionales creados por un proveedor que combina productos existentes y oculta parte de la información del producto. Es decir, cierta información de atributos de los productos probabilísticos es opaca para el cliente. El cliente que compra el producto probabilístico obtiene una de las combinaciones de productos con una cierta probabilidad. Las ventas probabilísticas son una estrategia de ventas que permite la venta de productos probabilísticos. Todavía es un modelo de ventas relativamente nuevo para empresas e investigadores. La implementación de ventas probabilísticas es diversa y aún no se ha verificado la rentabilidad de las diferentes formas de ventas probabilísticas. Se deben abordar las situaciones de inventario y fijación de precios que tengan en cuenta las diferentes realidades. Por el momento, desde la perspectiva de la gestión operativa, existen pocos estudios sobre la toma de decisiones de inventario y fijación de precios bajo el modelo de ventas probabilísticas, que no puede satisfacer las necesidades de las empresas para tomar decisiones científicas en el proceso de implementación. Objetivo: Este documento se centra en los tres actores principales en el proceso de venta probabilística: los productos probabilísticos, compradores y vendedores. Considere el afecto de las diferentes realidades y circunstancias (en concreto, la forma de productos probabilísticos, la demanda de transferencia y el comportamiento de intercambio del comprador, y si el vendedor reemplaza el producto en el proceso de distribución de los productos) sobre la fijación de precios y las decisiones de inventario. Al establecer un modelo que considera los factores realistas antes mencionados, se resuelve el problema de fijación de precios, la decisión conjunta de inventario- precios y la asignación de productos bajo el modelo probabilístico de ventas. Finalmente, a través del análisis de las decisiones y la comparación de estrategias, se obtendrá sugerencias de gestión para la implementación de ventas probabilísticas. Método: En primer lugar, este documento analiza los escenarios de diferentes ventas de probabilidad. En segundo lugar, utilizando el modelo de vendedor de periódicos, el modelo de Hotelling y la teoría de optimización, se intenta resolver y analizar la fijación de precios, el inventario, la toma de decisiones conjunta de inventario-precios y los problemas de decisión de asignación de productos. Luego, da el teorema y analízalo. Finalmente, proporcione asesoramiento de gestión de inventario- precios para los comerciantes que implementan ventas probabilísticas. Conclusión: Este documento ha encontrado las decisiones operativas óptimas para el inventario, fijación de precios, asignación de inventario y diseño de línea de producto en ventas probabilísticas. Los resultados generales muestran que las ventas probabilísticas pueden aumentar la eficiencia del inventario al reducir la incertidumbre de la demanda / oferta, lo que permite a los vendedores obtener mayores ganancias esperadas. El rendimiento de las ventas probabilísticas está estrechamente relacionado con factores tales como la sensibilidad del precio del cliente, la similitud y la incertidumbre del producto. Significado: Primero, permita que los vendedores hagan un buen uso de las ventas probabilísticas. Este artículo los ayuda a comprender cómo resolver problemas de inventario, precios y decisiones operativas relacionadas en modelos de ventas probabilísticas. Segundo, consideramos esta estrategia de marketing innovadora como una herramienta de gestión de inventario, por lo que este documento enriquece la investigación de gestión operativa, especialmente la teoría de gestión de inventario
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Miller, Joshua B. (Joshua Brandon) 1973. "Development of replenishment and inventory management practices." Thesis, Massachusetts Institute of Technology, 2001. http://hdl.handle.net/1721.1/84520.
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Thesis (M.B.A.)--Massachusetts Institute of Technology, Sloan School of Management; and, (S.M.)--Massachusetts Institute of Technology, Dept. of Mechanical Engineering; in conjunction with the Leaders for Manufacturing Program at MIT, 2001.Includes bibliographical references (p. 47).
by Joshua B. Miller.
S.M.
M.B.A.
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Van, Wyk Estelle. "Modelling of inventory management in humanitarian logistics." Diss., University of Pretoria, 2012. http://hdl.handle.net/2263/25310.
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Natural and man-made disasters are becoming more frequent in many countries throughout the world. Countries with inadequate infrastructure and poorly planned emergency logistics are subject to such events which may lead to the destruction of a community and/or may prevent e cient and successful recovery. Despite the progress that disaster planning, mitigation and new management systems have made, the need for disaster relief continues everlasting. Extensive research is on-going to improve the various phases in the disaster operations life cycle. However, the impact of disaster will not diminish and improved disaster relief planning and management should be addressed intensely. This dissertation addresses various possible mathematical models comprising stochastic and deterministic models, to provide generic means to address the damage and consequences associated with disaster events. The models are applied to countries such as Somalia and the Southern African Development Community (SADC), which have been prone to catastrophic events and poverty consequences.Dissertation (MEng)--University of Pretoria, 2012.
Industrial and Systems Engineering
unrestricted
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FENG, KELI. "THREE ESSAYS ON PRODUCTION AND INVENTORY MANAGEMENT." University of Cincinnati / OhioLINK, 2005. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1122442476.
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Xiong, Hongxia. "Coordination and inventory management in supply chains /." May be available electronically:, 2007. http://proquest.umi.com/login?COPT=REJTPTU1MTUmSU5UPTAmVkVSPTI=&clientId=12498.
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Valeva, Silviya Dimitrova. "Workforce and inventory management under uncertain demand." Diss., University of Iowa, 2017. https://ir.uiowa.edu/etd/5667.
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This thesis studies the problem of production and inventory planning for an organization facing uncertainty in demand. Specifically, we examine the problem of assigning workers to tasks, seeking to maximize profits, while taking in consideration learning through experience and stochasticity in demand. As quantitative descriptions of human learning are nonlinear, we employ a reformulation technique that uses binary and continuous variables and linear constraints. Similarly, as demand is not assumed to be known with certainty, we embed this mixed integer representation of how experience translates to productivity in a stochastic workforce assignment model. We further present a matheuristic solution technique and a Markov decision process formulation with a one-step lookahead that allows for the problem to be solved in stages in time as demand information becomes available.
With an extensive computational study, we demonstrate the advantages of the matheuristic approach over an off-the-shelf solver and derive managerial insights about task assignment, workforce capacity development, and inventory management. We show that cross training increases as demand uncertainty increases, worker practice increases as inventory holding costs increase, and workers with less initial experience receive more practice than workers with higher initial experience. We further observe that the proposed lookahead MDP model outperforms similar myopic models by producing both increased profit and decreased lost sales and is especially valuable when expecting high demand variation. By recognizing individual differences in learning and modeling the improvement in productivity through experience, results show that the ability to manage workforce capacity can be an effective substitute for inventory. Additionally, we observe that optimal solutions favor the use of inventory for more valuable products and rely on higher productivity for less valuable ones. Further analysis suggests that slower learners tend to specialize more and teams with slower average learning rate tend to produce more inventory.
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Karimipour, Hadadan Elham. "Inventory Optimization through Integration of Marketing and Supply Chain Management." Thesis, Högskolan i Gävle, Avdelningen för ekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-21969.
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Purpose: This study aims to find how the integration between marketing and operations can improve demand management in order to have efficient inventory level and avoid excess inventory. Method used: In order to have optimize inventory level and managing demand, integrating business process between marketing, supply planning and inventory management team was considered in this study. Qualitative data from nine interviews among three direct sales cosmetics companies was gathered. Findings: Empirical findings address excess inventory is caused by several issue in the company as poor management of demand forecasting, wide product portfolio, long lead time, the lack of sharing information between the company and its suppliers and ineffective strategy to avoid excess inventory within the company. Regarding to improve forecast accuracy and manage demand, findings indicate the role of marketing in obtaining knowledge about customer insight is not good enough. Practical Implication: It is critical that works and plans from each function be integrated to optimize inventory. In order to support optimize inventory strategy all pertinent departments must continue reviewing meeting with the aim to reach a consensus about the products planning for the both side of demand and operation align with overall strategic goals of the company. Contribution: Empirical data demonstrate the best way for effective implication of demand management occurs when marketing can provide demand information in time, as well as supply chain management can react flexibly to demand changes in time. Moreover, the lack of integration between marketing and supply chain management is a major barrier in optimizing inventory.
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Cook, Randal James. "ENVIRONMENTAL INTERNSHIP-ENVIRONMENTAL QUALITY MANAGEMENT, INC. TECHNICAL SERVICES DIVISION." Miami University / OhioLINK, 2004. http://rave.ohiolink.edu/etdc/view?acc_num=miami1094138195.
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Diergaardt, Johannes Godfree. "An examination of shortcomings in inventory management and control in selected Saldanha Bay firms." Thesis, [S.l. : s.n.], 2007. http://dk.cput.ac.za/cgi/viewcontent.cgi?article=1067&context=td_cput.
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Cristiani, Davide. "Inventory management con mini-droni: architettura e implementazione." Master's thesis, Alma Mater Studiorum - Università di Bologna, 2020. http://amslaurea.unibo.it/20929/.
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Nella logistica industriale l’inventario è una attività di massima importanza. Per automatizzare questo processo, è stato proposto l’uso di UAV di piccole dimensioni. I vantaggi legati a questa proposta sono molteplici, dall’automatizzazione del processo all’incremento di sicurezza per i lavoratori. L’uso di tecnologie UAV in quest’ambito deve affrontare diverse difficoltà tecniche, come il volo indoor, l’identificazione dei pacchi e la limitata autonomia di volo dei droni. Questo elaborato approfondisce gli aspetti tecnici e informatici dell’uso di UAV per l’inventario, espandendo il lavoro svolto nel paper ”Inventory Managementthrough Mini-Drones: Architecture and Proof-of-Concept Implementation”:
- Una proposta di architettura per un sistema di gestione dell'inventario basato su UAV, che includa il calcolo del percorso del UAV, l'identificazione dei pacchetti (via QRCode), la validazione dei dati (via Blockchain) e la ricarica wireless.
- Una analisi delle performance del sistema, nello specifico il trade-off fra accuratezza dell'inventario (ovvero il tasso di identificazione di un pacco) e tempo di esecuzione del processo
- Un framework di calcolo dei parametri ottimali per in termini di velocità e numero di visite per ogni scaffale
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Wang, Lulu. "Inventory management in China : evidence from micro data." Thesis, Durham University, 2016. http://etheses.dur.ac.uk/11743/.
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Inventory management has become a favorite topic in the literature. However, research focusing on inventory performance and management in China is quite limited. A good understanding of inventory control would provide valuable information about the mechanism through which a firm determines its target inventory level and adjusts the inventory volume. Moreover, this study also contributes to examine inventory management improvement and its implement in developing country. This research uses a large sample of firm-level panel data from China to study inventory management and performance from three aspects. First, using a variant of error-correction model, we empirically study the adjustment pattern of inventory and the effects of certain determinants on firms’ target inventory level with emphasis on industry heterogeneity over the period 2000-2009. We find strong evidence indicating a partial adjustment mechanism in short-run and the speeds of adjustment are various among different industries. From a long-run perspective, sales, ownership structure, political affiliation and managerial fixed cost are detected to be significant indicators of target inventory level. Second, we employ an asymmetric error-correction model to study the adjustment mechanism of inventory in different macro business regimes. We find that an asymmetric adjustment mechanism could be commonly claimed in short-run: firms tend to be more sensitive when they confront negative demand shocks. However, the indicators of target inventory level work symmetrically regardless of external business environment. Last, we test whether there is a link between innovation and inventory reduction. We find that total factor productivity (TFP) is a better indicator of innovation, and higher TFP contributes to a lower inventory volume. Moreover, when allowing the asymmetric adjustment mechanism, the impact of TPF is symmetric between the upswing and downswing of business cycle, which means the benefits of innovations are lasting and cannot be discharged by adverse economic environments.
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Andersson, Henrik. "Coordinated Routing : applications in location and inventory management." Doctoral thesis, Norrköping : Dept. of Science and Tehcnology, Linköping University, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-7096.
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Bossard, Daniel. "Ubiquitous computing based inventory management in supply chains /." [S.l.] : [s.n.], 2004. http://www.gbv.de/dms/zbw/470796219.pdf.
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Johansson, Markus, and Robin Harding. "Functionality assessment of inventory management software for SME." Thesis, KTH, Industriell Management, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-131212.
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For numerous companies today, one of the key elements for successful competing in the market is an optimized inventory management. Inventory management is about satisfying the customer need, while keeping the inventory costs as low as possible. This report discusses the functionality assessment of inventory management software for small to medium sized enterprises (SME). It is an investigation motivated by the fact that high-end inventory management solutions are becoming financially available for SME via the SaaS technology. The main question that this study aims to answer is therefore what functionalities and functionality characteristics in external high-end inventory management solutions enable competitive advantage for SME’s. A survey complimented by a number of interviews was conducted in order to gain a broad picture of what the SME’s need from these solutions. The answers obtained from the SME respondents were compared to relevant literature, and from that the conclusions were drawn. Furthermore, a QFD analysis was made to evaluate how well an existing high-end-solution matches the SME requests. The result of the study shows that there are many similarities between what the SME need and what the large companies need in terms of functionalities in these systems. However, the study also shows that, for optimal use, these functionalities must be delivered by the system developers in a way that is better suited for SME’s.För många företag idag är en av nyckelkomponenterna för framgångsrik konkurrens på marknaden en optimerad lagerstyrning. Lagerstyrning handlar om att tillfredsställa kundernas behov samtidigt som lagerkostnaderna hålls så låga som möjligt. Den här studien utvärderar funktionaliteter i lagerstyrningsmjukvaror för små till medelstora företag. Det är en undersökning som är motiverad av det faktum att avancerade lagerstyrningssystem blir mer och mer finansiellt tillgängliga för små till medelstora företag via den så kallade molnteknologin. Huvudfrågan som detta examensarbete ämnar besvara är därför vilka funktionaliteter och funktionaliteters egenskaper i avancerade externa lagerstyrningssystem som möjliggör konkurrenskraft för små till medelstora företag. En enkät kompletterad av ett antal intervjuer genomfördes för att skapa en bred bild av vad de små till medelstora företagen behöver från dessa system. Svaren som erhölls från de undersökta företagen jämfördes med relevant litteratur och från detta har slutsatser dragits. Dessutom har en så kallad QFD-analys gjorts för att utvärdera hur bra en existerande system stämmer överens med vad de små och medelstora företagen efterfrågar. Resultatet av detta examensarbete är att det finns många likheter mellan vad de små till medelstora företagen behöver och vad de stora företagen behöver angående funktionaliteter i dessa system. Emellertid visar denna undersökning att, för optimal nytta av dessa system, måste dessa funktionaliteter anpassas för de små och medelstora företagen.
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Jackson, Kenneth J. "Forecast error metrics for Navy inventory management performance." Thesis, Monterey, California. Naval Postgraduate School, 2011. http://hdl.handle.net/10945/5756.
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Approved for public release; distribution is unlimited.This research establishes metrics for determining overall Navy secondary inventory forecasting accuracy when compared to actual demands at the Naval Inventory Control Point (NAVICP). Specifically, two performance metrics are introduced: the average performance index (API) and the median absolute deviation performance index (MPI). API measures forecasting accuracy of secondary inventory when compared against demand or forecast performance over a four-quarter period. MPI measures the quarterly variability of forecast errors over the same period. The API and MPI metrics allow for the identification of poorly forecasted NAVICP secondary inventory items. The metrics can be applied to entire inventories or subsets of items based on type, demand, or cost. In addition, the API metric can be used to show overall inventory performance, providing NAVICP with a graphical means to assess forecasting performance improvements (or degradations) over time. The new forecasting accuracy methods developed in this research will allow the Navy to continually gauge the overall health of their inventory management practices and provide a method for improving forecasting accuracy. Additionally, they will assist NAVICP in complying with DoD directives that require NAVICP to monitor and continually develop improvements to inventory management practices.
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Schwaneke, Robert L. "Essentiality weighting models for wholesale level inventory management." Thesis, Monterey, California. Naval Postgraduate School, 1988. http://hdl.handle.net/10945/23027.
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Liang, Y. "The development of an intelligent inventory management system." Thesis, University of Salford, 1997. http://usir.salford.ac.uk/14812/.
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This thesis is concerned with the development of an intelligent inventory management system. The aim of the system is to bridge the substantial gap between the theory and the practice of inventory management and to help industrial inventory managers to achieve an effective and successful inventory management. The proposed system attempts to achieve this by providing automatic pattern identification and model selection facilities. Such a hybrid knowledge-based inventory system consists of a collection of techniques (or pattern identifier) for identifying demand and lead time patterns and a knowledge base (or rule base) for subsequent selection of a suitable inventory model taking into consideration aspects of the practical situation. There are no previous attempts in the inventory literature to develop such a system to guide model selection. In order to integrate the system into the established computer-based intelligent inventory management system and facilitate the function of the pattern identifier, a data manager has been developed to manipulate the history data required for statistical analysis and to load the data into the system from other applications. In order to establish the system's model base, the study of the modelling of inventory and the features and evolution of expert systems are reviewed. The published models which deal with similar inventory problems have been compared based on its applicability, clarity, and being suitable to be computerised. It was necessary to further develop and amend published models to fill gaps in the model base. The overall structure and salient features of the proposed system and the development of the system using Visual Basic have been described. The system has been tested using real life data supplied by the co-operating companies. Finally, achievements and shortcomings of the system are discussed and some suggestions for further research are outlined.
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Hillstrom, Nichole L. (Nichole Leigh), and Renato A. Malabanan. "Strategic inventory management of externally sourced medical devices." Thesis, Massachusetts Institute of Technology, 2013. http://hdl.handle.net/1721.1/81099.
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Thesis (M. Eng. in Logistics)--Massachusetts Institute of Technology, Engineering Systems Division, 2013.Cataloged from PDF version of thesis.
Includes bibliographical references (p. 59).
The purpose of this research was to determine inventory strategies for externally sourced medical devices. In the medical device industry, the desire for high levels of customer service often results in less than optimal inventory levels. In this study, we analyzed the details of the current inventory model utilized by the medical device company. In assigning appropriate inventory levels, we determined that key inputs were not regarded. When evaluating inventory levels, it was determined that pipeline inventory should be removed from the target on hand inventory levels if inventory ownership occurs upon receipt. When calculating safety stock, we determined that supply variability should be incorporated into the safety stock formula and extra buffers currently in place should be removed. In addition, a more robust measure of demand variability such as the Root Mean Squared Error (RMSE) or the Mean Absolute Percent Error (MAPE) should be incorporated into the formula instead of the use of the maximum of standard deviation of demand and standard deviation of forecast. Also, a gap was identified between the customer service safety factor used in the safety stock formula and the measurement of customer service by the company. Following the analysis of the current inventory modeling approach, we segmented the medical device SKU's based on key factors that drive inventory: demand, lead time, criticality and customer service. We also redefined the model used to determine slow moving inventory levels by incorporating the lead time of the part in setting cycle and safety stock levels and simulating the results to validate the relationships between the various inventory drivers. The application of the methodologies, concepts and findings in this research covering externally sourced medical devices can be extended to other subsidiaries and other industries.
by Nichole L. Hillstrom and Renato A. Malabanan.
M.Eng.in Logistics
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Miller, John P. (John Paul) 1968. "Cycle time reduction through improvements in inventory management." Thesis, Massachusetts Institute of Technology, 1999. http://hdl.handle.net/1721.1/80522.
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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Mechanical Engineering; and, (M.B.A.)--Massachusetts Institute of Technology, Sloan School of Management, 1999.Includes bibliographical references (p. 46).
by John P. Miller.
M.B.A.
S.M.
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Chen, Annie I.-An. "Large-scale optimization in online-retail inventory management." Thesis, Massachusetts Institute of Technology, 2017. http://hdl.handle.net/1721.1/111854.
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Thesis: Ph. D., Massachusetts Institute of Technology, Department of Electrical Engineering and Computer Science, 2017.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (pages 225-232).
This thesis studies the related decisions of inventory placement and inventory replenishment in online retail. The placement decision focuses on the selection of fulfillment centers in which to place items, while the replenishment decision concerns the amount of inventory to order for each item. In contrast with traditional retail, a distinctive feature of online retail is the flexibility to ship items to customers from different fulfillment centers. This creates interdependence between fulfillment centers and poses new challenges in inventory management. The placement decision can be formulated as a mixed-integer program. The objective is to minimize the sum of outbound shipping and fixed costs for all the items, while satisfying demand and capacity constraints. The large scale of the problem is due to the size of the fulfillment center network and the number of items. We propose a large-scale solution scheme that aggregates the items, solves a column-based reformulation of the aggregated problem using column generation, and then disaggregates the solution into placement plans for the individual items. The replenishment decision for a single item can be formulated as a dynamic program, in which the objective is to minimize the long-term average of outbound shipping, stockout and holding costs. Its scale and complexity arises from demand stochasticity, inventory dynamics, non-identical fulfillment center lead times, and the integrality of inventory units. We propose approximation schemes that employ simulation to evaluate and optimize parameterized policies. In particular, we design the simulation to estimate gradient-like information, and use the information to enhance the efficiency a random search method. For both problems, realistic numerical examples demonstrate that the large-scale optimization methods produce low-cost solutions in a relatively short amount of time, compared to simple heuristics that do not involve much optimization. We also study the properties of solutions in order to obtain managerial insights on the impact of key factors, including cost parameters, capacity constraints, and lead times.
by Annie I-An Chen.
Ph. D.
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Mauro, Joseph (Joseph Peter). "Strategic inventory management in an aerospace supply chain." Thesis, Massachusetts Institute of Technology, 2008. http://hdl.handle.net/1721.1/44295.
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Thesis (M.B.A.)--Massachusetts Institute of Technology, Sloan School of Management; and, (S.M.)--Massachusetts Institute of Technology, Engineering Systems Division; in conjunction with the Leaders for Manufacturing Program at MIT, 2008.Includes bibliographical references (p. 79-80).
This paper introduces multiple methods to set and optimize inventory levels. These methods are then classified based on the complexity involved to implement them. As an organization develops a deeper understanding of inventory, it becomes more mature and can apply more complex methods. This sequencing of methods is defined as a three phase maturity model. First, a foundational level of maturity is defined, which quantifies inventory levels based on future demand and business requirements. Second, a transitional level of maturity defines safety stock positioning in a single-echelon supply chain. Finally, the maturity model concludes with an optimal level of maturity that is based on principles of multi-echelon inventory optimization: safety stock at multiple positions of a supply chain. The setting for this paper was the Aerospace industry. Honeywell Aerospace is in the middle of a 3-year effort to re-engineer Sales, Inventory and Operations Planning (SIOP) systems. At the same time, Honeywell Aerospace is standardizing on a uniform implementation of an ERP system. Through SIOP, standard inventory and planning practices aided by the uniform ERP backbone and a strategic inventory program executive management hopes to reduce what is seen as a disproportionate contribution of inventory to Honeywell International.
by Joseph Mauro.
S.M.
M.B.A.
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Belobaba, Peter. "Air travel demand and airline seat inventory management." Thesis, Massachusetts Institute of Technology, 1987. http://hdl.handle.net/1721.1/14800.
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Kang, Sheng. "Optimization for recipe-based, diet-planning inventory management." Thesis, Massachusetts Institute of Technology, 2010. http://hdl.handle.net/1721.1/61895.
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Thesis (S.M.)--Massachusetts Institute of Technology, Computation for Design and Optimization Program, 2010.Cataloged from PDF version of thesis.
Includes bibliographical references (p. 40-41).
This thesis presents a new modeling framework and research methodology for the study of recipe-based, diet-planning inventory management. The thesis begins with an exploration on the classic optimization problem - the diet problem based upon mixed-integer linear programming. Then, considering the fact that real diet-planning is sophisticated as it would be planning recipes rather than possible raw materials for the meals. Hence, the thesis develops the modeling framework under the assumption that given the recipes and the different purchasing options for raw materials listed in the recipes, examine the nutrition facts and calculate the purchasing decisions and the yearly optimal minimum cost for food consumption. This thesis further discusses the scenarios for different groups of raw materials in terms of shelf-timing difference. To model this inventory management, the modeling implementation includes preprocess part and the optimization part: the formal part involves with conversion of customized selection to quantitative relation with stored recipes and measurement on nutrition factors; the latter part solves the cost optimization problem.
by Sheng Kang.
S.M.
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Guo, Yuming M. Eng Massachusetts Institute of Technology. "Head & base production optimization : inventory management strategy." Thesis, Massachusetts Institute of Technology, 2009. http://hdl.handle.net/1721.1/55216.
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Thesis (M. Eng.)--Massachusetts Institute of Technology, Dept. of Mechanical Engineering, 2009.Cataloged from PDF version of thesis.
Includes bibliographical references (p. 49).
A new inventory management strategy was developed for Schlumberger to reduce waste in material handling and improve the warehouse receiving efficiency. The current warehouse receiving situation was analyzed; then the receiving procedure was summarized and the time spent for each step was measured. After that, the cause and effect analysis for the low efficient warehouse operation was analyzed and solutions are proposed. The implementation of this model in the company has seen significant improvements in warehouse operation efficiency. The receiving time of specific machined parts has been reduced by 32% and the receiving of specific sub assembled parts has been reduced by 53%. The improvement has led to a cost saving of US$ 422,148.
by Yuming Guo.
M.Eng.
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Herington, Stephen (Stephen Richard). "Supplier inventory and operations management process improvement methodology." Thesis, Massachusetts Institute of Technology, 2013. http://hdl.handle.net/1721.1/81000.
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Thesis (M.B.A.)--Massachusetts Institute of Technology, Sloan School of Management; and, (S.M.)--Massachusetts Institute of Technology, Engineering Systems Division; in conjunction with the Leaders for Global Operations Program at MIT, 2013.Cataloged from PDF version of thesis.
Includes bibliographical references (p. 62-63).
The Building Construction Products (BCP) Division of Caterpillar makes 12 different loader, excavator, and tractor products with 10 manufacturing facilities worldwide. With relatively high volume machines, BCP saw that their supply base continued to have challenges in managing their inventory levels when machine volume and mix would change. Challenges included poor Supplier Shipping Performance (SSP), Point of Use (POU) availability, and inventory turns. These failures translated into poor Committed Ship Date (CSD) performance; which also directly impacted the overall cost of production and profitability of BCP. For example, coming out of the 2009 recession, suppliers were unable to keep up with BCP's increasing demand; which was attributed to supplier's lack of confidence in the BCP forecast, and only reviewing a 13-week capacity outlook. Therefore, BCP would like to have visibility into their supplier's planning processes, and through enhanced collaboration and communication, improve both BCP and their supplier's performance. To obtain the expected result, the scope of the project was to evaluate the Sales & Operations Planning (S&OP) processes of two identified suppliers. While the primary goal of the project was to develop a robust BCP Supplier S&OP process, the performance improvements were generated from Inventory and Operations Management tool creation and process improvement. The project followed the 6 Sigma approach of DMAIC to clearly evaluate the S&OP processes at both BCP Leicester and the two identified suppliers. The study concluded, through the development of a Supplier S&OP process that there were several important factors hindering the implementation of S&OP. These factors included capacity planning, planning parameters and inventory management policies. To enable implementation, the following tools were created: 1. Capacity Planning Tool enabled £30k annual cost avoidance on labor, logistics, and equipment through proactive management and scenario planning 2. Batch Size Tool enabled £20k+ reduction of inventory holding costs while also reducing near-term schedule variation to 2nd tier supplier 3. Safety Stock Tool provided inventory levels to align customer service with lead-times Through looking at the current BCP S&OP process at Caterpillar several key issues were identified with the quality of the output. These included lack of accountability for forecast accuracy and a lack of clear BCP Supply Chain strategy. To improve the identified issues the following actions were taken: 1. Created a Forecast Accuracy Tool that quickly identifies areas of concern 2. Submitted a future project proposal for Improving Piece-Part Forecast Accuracy 3. Recommended a future project for Cost Analysis on 8 week order-to-delivery SC model.
by Stephen Herington.
S.M.
M.B.A.
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Tan, Nicola. "Inventory management for perishable goods using simulation methods." Thesis, Massachusetts Institute of Technology, 2014. http://hdl.handle.net/1721.1/90752.
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Thesis: M.B.A., Massachusetts Institute of Technology, Sloan School of Management, 2014. In conjunction with the Leaders for Global Operations Program at MIT.Thesis: S.M., Massachusetts Institute of Technology, Department of Mechanical Engineering, 2014. In conjunction with the Leaders for Global Operations Program at MIT.
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Cataloged from PDF version of thesis.
Includes bibliographical references (pages 66-67).
Amazon.com is the world's largest online retailer, and continues to grow its business by expanding into new markets and new product lines that have not traditionally been sold online. These product categories create new challenges to inventory and operations management. One example of this new type of products sold online includes the category of perishable goods. Perishable goods provide a unique inventory challenge due to the fact that products may expire at unknown times while in stock, making them unavailable for the customer to purchase. This thesis discusses a method for managing perishable goods inventory by characterizing the key variables into empirical probability distributions and developing a computational model for determining the key inventory attribute: the reorder point. This model captures both the demand and loss due to shrinkage based on the age of the product in inventory. The resulting model results in a 25% improvement in simulated inventory levels with more accurate results than current methods. This improvement is shown to come from accounting for the known variability in lead time, as well as survival rate of the product.
by Nicola Tan.
M.B.A.
S.M.
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Arvidsson, Edvin. "Improving on Inventory Management Using Time Series Forecasting." Thesis, Uppsala universitet, Avdelningen för systemteknik, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-451064.
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In this master thesis project, four well known time series forecasting models areconstructed and tuned with the purpose of predicting the future consumption of glueon one of AkzoNobels customers production lines. The goal was to examine thepossibility of utilizing their vastly collected data with these models to improve on theinventory management for both AkzoNobel and their customers. The predictedproduct usage rate would aid in the customers' decision making about when neworders of product should be placed, based on when the current storage tanks areforecasted to be emptied. This information could also be useful for AkzoNobelthemselves. The data that is handled in this project is a time series with timestampsfor every glue consumption process on the customers production line since 2017. Asubgoal was to determine what data resolution would be the most effective formodelling, so each model has two versions, one using higher and one using lowerresolution data. The models that are examined are a seasonal naive model,along-short term memory model, a Facebook Prophet model as well as two separateAutoregressive Integrated Moving Average models, specifically one automaticallyandone manually constructed. Beyond these models, a combined model using trueaveraging of the two automatic ARIMA models was examined as well. Ultimately it was found that, for most models, forecasting ahead with a one day resolution was the most accurate using the models trained on one-day-separated-data, compared to three-hour-separated-data. Further it is presented that the best models are the two naive models, closely followed by the one-day-case automatic ARIMA and Prophet models. These models also performed similarly on simple tests for predicting a date when a tank will be empty. Mostly differing around four days on average from the true date for an empty tank on those tests, with a max forecast range of forty days. It is concluded that it is possible to sufficiently model the data to a point where the best models in this project could be an effective tool for both the AkzoNobel and its customers.
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Tsai, Chih-Ta, and 蔡志達. "Performance Evaluation of Inventory Classification Combine Multi-Item Inventory Management." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/97738259370813628344.
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碩士元智大學
工業工程與管理學系
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Companies usually face thousands of inventory items with various properties. Traditional inventory management strategies developed for single item are less effective. It has been shown that multi-item inventory control methods perform better when dealing with multiple items. In addition, inventory classification can also be applied for more efficient management in this situation. However, it is seldom studied how to combine inventory classification and multi-item inventory control methods on inventory management and how the combination performs. This research considers the application of the combination of inventory classification and multi-item inventory control methods. Items are first classified into groups. Multi-item inventory control methods are then applied on each group. Four classification techniques and two multi-item inventory control methods are considered. Numerical experiment is conducted and the performances and their differences based on related costs are compared and discussed. The results show the combination of the two techniques provides more effective management.
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"Inventory management of remanufacturable products." Sloan School of Management, Massachusetts Institute of Technology, 1997. http://hdl.handle.net/1721.1/2665.
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Chen, Xin, Melvyn Sim, David Simchi-Levi, and Peng Sun. "Risk Aversion in Inventory Management." 2004. http://hdl.handle.net/1721.1/7465.
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Traditional inventory models focus on risk-neutral decision makers, i.e., characterizing replenishment strategies that maximize expected total profit, or equivalently, minimize expected total cost over a planning horizon. In this paper, we propose a framework for incorporating risk aversion in multi-period inventory models as well as multi-period models that coordinate inventory and pricing strategies. In each case, we characterize the optimal policy for various measures of risk that have been commonly used in the finance literature. In particular, we show that the structure of the optimal policy for a decision maker with exponential utility functions is almost identical to the structure of the optimal risk-neutral inventory (and pricing) policies. Computational results demonstrate the importance of this approach not only to risk-averse decision makers, but also to risk-neutral decision makers with limited information on the demand distribution.Singapore-MIT Alliance (SMA)
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Wu, Qi active 2013. "Inventory management and financing decisions." 2013. http://hdl.handle.net/2152/22809.
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Globalization and increased product variety have impacted the uncertainty in demand and supply. The recent financial instability adds another layer of uncertainty regarding financing and investment. The changes, while gradual, have accumulated over time and posed enormous difficulties in planning procurement. This thesis focuses on inventory procurement strategies that help firms tackle challenges due to uncertainties in the demand/supply and financial concerns. The first part is on employing dynamic inventory procurement strategies to achieve cost efficiency and tackle the uncertainties in demand and supply. The second and third parts focus on the interaction between Finance and Operations in both its analytic aspects and empirical aspects. A synopsis of the three parts of the thesis follows.
Part 1: “Inventory Management and Stochastic Lead Time”
This chapter analyzes a continuous time back-ordered inventory system with stochastic demand and stochastic delivery lags for placed orders. This problem in general has an infinite dimensional state space and is hence intractable. We first obtain the set of minimal conditions for reducing such a system’s state space to one-dimension and show how this reduction is done. Next, by modeling demand as a diffusion process, we reformulate the inventory control problem as an impulse control problem. We simplify the impulse control problem to a Quasi-Variation Inequality (QVI). Based on the QVI formulation, we obtain the optimality of the (s, S) policy and the limiting distribution of the inventory level. We also obtain the long run average cost of such an inventory system. Finally, we provide a method to solve the QVI formulation. Using a set of computational experiments, we show that significant losses are incurred in approximating a stochastic lead time system with a fixed lead time system, thereby highlighting the need for such stochastic lead time models. We also provide insights into the dependence of this value loss on various problem parameters.
Part 2: “Inventory Financing and Trade Credit”
In this chapter, we study the inventory performance of publicly listed retailers between 1980 and 2010 based on a panel dataset from COMPUSTAT, CRSP, I/B/E/S and a hand-collected dataset on bankruptcy. We quantify the effect of a carefully-defined financial holding cost on inventory decisions, after controlling for operational factors and considering access to trade credit. This finding provides empirical evidence of the failure of the Modigliani-Miller Theorem in the inventory management context. We are also able to infer several unobservable costs based on historical inventory decisions. For example, the average cost of trade credit is estimated to be about 20% per year, which matches the typical trade credit terms in the United States. We find that the cost of trade credit computed has a strong connection to inventory per- formance. Our findings are robust to alternative econometric specifications, alternative measures of variables and model estimates for subsets of data.
Part 3: “Joint Inventory and Cash Management Decisions”
In this chapter, we address this question by considering a general con- tinuous time model of a dynamic inventory system that incurs costs in both managing the inventory and managing the cash flow. To support its inventory and operational cost, this system has access to both the financial market and trade credit from suppliers. We show how the inventory procurement decision and financing decision are made jointly. Specifically, we show that, with friction of financing, not only does the Modigliani-Miller Theorem not hold but also the two decisions interact in a dynamic and complex manner. We are also able to show how the value of the inventory system can be improved by using trade credit.text
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Fenske, Russell Dean. "Improving inventory management for Methanex." Thesis, 2002. http://hdl.handle.net/2429/13895.
Full textAbstract:
Methanex is a global leader in the production, distribution and sale of methanol. Their extensive supply
chain services customers in all parts of the world. Intimately tied to their ability to service customers is
their management of inventory. By storing methanol in regional distribution centers, Methanex is able to
limit their global shipping costs by transporting methanol in larger ships, while improving their agility in
responding to customer demand.
This paper examines the issues surrounding inventory management for Methanex. The goal is to define a
methodology to identify target inventory levels for all of their major global inventory storage locations. It
also discusses recommendations for changes in current levels of storage capacity. The feasibility of
applying standard inventory control approaches such as the EOQ model and the Newsboy model is
discussed. Two hybrid approaches involving simulation, combining mathematical techniques and
business practices to model the global supply chain, are also discussed.
The Waterfront Inventory Simulation Engine (WISE) model is based one of these hybrid approaches. It is
a decision support tool that enables the testing and analysis of a myriad of potential sourcing and
inventory scenarios. This paper demonstrates that though supply chain planning for Methanex may be
complicated and does not lend itself well to the standard inventory control techniques, there are still many
ways in which operations research techniques can be used to conduct useful inventory analysis that will
improve efficiency and have a positive impact on bottom line results.
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Lewis, James L. "Operating hours based inventory management." Thesis, 1986. http://hdl.handle.net/10945/22013.
Full text