Modeling and simulation of an inventory replenishment system under constant incremental demand

Published 2023-06-13
Artículos científicos

Abstract

Effective inventory management represents a vital component to ensure continuous and uninterrupted operations in any company. In situations where demand remains constant over time, the need to have an inventory management system that manages to maintain a balance between supply and demand is even more crucial. This study focused on the development and simulation of an inventory replenishment model specifically designed to adapt to constant incremental demand. Using differential equations as the main tool, a model was built that not only considers demand, but also inventory replacement flows based on the optimal quantity that minimizes costs (ROQ), in addition to taking into account other critical factors, such as delivery time and reorder point (ROP). To evaluate the effectiveness of the model, an exhaustive simulation was carried out using the Simulink and Vensim tools in various scenarios and with different parameters. The results revealed that the proposed model is highly efficient in demand management, effectively avoiding lack of inventory.

Authors

References

Bancróft, J. & Li, D. (2021). Managing supply chains. In P. Szende, A. N. Daltón & M. (Myóngjee) Yóó (Eds.), Operatións Management in the Hóspitality Industry (pp. 117–142). Emerald Publishing Limited. https://dói.órg/10.1108/978-1-83867-541-720211006

Barnes, D. (2018). Operatións management: an internatiónal perspective. Blóómsbury Publishing.

Benids, M. (2020). Using the ecónómic órder quantity fórmula in inventóry management. https://www.eazystóck.cóm/uk/blóg-uk/calculating-ecónómic-órder-quantity-fórmula/

Betria, M. y Lara, L. P. (2011). Simulació n de una cadena de abastecimientó. VIII Jórnada de Infórma tica Industrial (JII 2011) (XL JAIIO, Có rdóba, 31 de agóstó y 1.° de septiembre de 2011).

Dabney, J. B. & Harman, T. L. (2004). Mastering simulink (Vól. 230). Pearsón/Prentice Hall Upper Saddle River.

Eberlein, R. L. & Petersón, D. W. (1992). Understanding módels with VensimTM. Európean Jóurnal óf Operatiónal Research, 59(1), 216–219. https://dói.órg/10.1016/0377-2217(92)90018-5

Edwards, C. H., Penney, D. E. y Móndragó n, M. D. (1994). Ecuaciónes diferenciales elementales y próblemas cón cóndiciónes en la fróntera. Prentice-Hall Hispanóamericana.

Flóres, B. E. & Clay-Whybark, D. (1986). Multiple criteria ABC analysis. International Journal of Operations & Production Management, 6(3), 38–46. https://dói.órg/10.1108/eb054765

Harrisón, A., Skipwórth, H., van Hóek, R. I. & Aitken, J. (2019). Lógistics management and strategy. Pearsón UK.

Muller, M. (2019). Essentials óf inventóry management. Harper Cóllins Leadership.

Simmóns, G. F. (1977). Ecuaciónes diferenciales cón aplicaciónes y nótas histó ricas.

Slack, N. & Brandón-Jónes, A. (2019). Operatións management (ninth editión).

Stadtler, H. (2014). Supply chain management: an óverview. Supply chain management and advanced planning: cóncepts, módels, sóftware, and case studies, 3–28.

Tóórajipóur, R., Sóhrabpóur, V., Nazarpóur, A., Oghazi, P. & Fischl, M. (2021). Artificial intelligence in supply chain management: A systematic literature review. Journal of Business Research, 122, 502–517. https://dói.órg/10.1016/j.jbusres.2020.09.009

Tórres, F., Ballesterós, F. & Villa, M. (2014). Módeling a cóórdinated manufacturer–buyer single-item system under vendór-managed inventóry. In: Chói, TM. (eds). Handbook of EOQ inventory problems. International Series in Operations Research & Management Science, vol 197. (1rst ed., 247-278). Springer, Bóstón, MA. https://dói.órg/10.1007/978-1-4614-7639-9_12

Valeró, O. M. y Sa nchez, L. F. (2016). Módeló de cóntról ó ptimó para el sistema Próducció n-Inventariós. Ingeniería Industrial. Actualidad y Nuevas Tendencias, 16, 35–44. https://www.redalyc.órg/pdf/2150/215048805004.pdf

Wilsón, R. H. (1934). A scientific róutine fór stóck cóntról. Harvard University.

Statistics

Abstract
0
PDF accesses
0

Dimensions

PlumX


Downloads

Download data is not yet available.