Inventory Control - Science topic

I have sales data set of 120 months and it is associated with ARCH effect. Is there any procedure to predict the future sales (for next 12 months) using this data set by incorporating ARCH effect? The identified model is GARCH(2,1).

I checked the benefits of these tools to the inventory manager when making a decision, avoiding waste or lack of items. I need companies that use it or case studies that have worked with the use of RFID and drones.

Some people are not impressed by the development of intuitive near-optimal closed-form solutions to some business problems because the exact optimal solutions can be obtained using a spreadsheet solver. The objective functions do not lead to exact closed-form optimal solutions. The approximate closed-form optimal solutions are very intuitive from a business perspective. My argument is that Little's Law is used to estimate the average WIP levels when you know the average throughput rate and the average cycle time, and it is applied in many different contexts. Of course, you can model all of the complexities of the shop floor and make this calculation more accurate. Aren't we better off if we can come up with some simple and intuitive equations that fit many business scenarios? Solving to exact optimum is in fact not reliable either, because the parameters are not quite precise in the first place.

Cycle counting

i) is a process by which inventory records are verified once a year

ii) provides a measure of inventory accuracy

iii) provides a measure of inventory turnover

iv) assumes that all inventory records must be verified with the same frequency.

Link: http://www.sciencedirect.com/science/article/pii/0304405X76900064

In Garman's inventory model, buying order and selling order are poisson process with order size = 1. Buying price and selling price are denoted by pb and ps, that is, the market maker gets pb when she sells a stock to the others, and spends ps to buy a stock from the others.

Garman than calculates the probability of the inventory of the market maker, says Q(k, t+dt) = probability to get 1 dollar x Q(k-1, t) + probability to lose 1 dollar x Q(k+1, t) + no buying or selling order x Q(k, t), where Q(k, t+dt) = probability to have k money at time t+dt.

In the above equation, I think Garman had split the money received and loss by buying or selling a shock in many sub-poisson process, otherwise, getting 1 dollar or losing 1 dollar are impossible, as market maker receive pb dollar and loses ps dollar in each order, but not 1 dollar. Do my statement correct? Thank you very much.

Today, hybrid manufacturing/remanufacturing has become a hot spot area for doing research. In this regard, tire industries, specifically the OTRs and earth moving trucks are rarely dealt with. A Caterpillar 797 tire incurs a price near $45000, so rereading the tires for a few times is beneficial for both the manufacturers and customers.

What is your professional and research experience in this field of study especially about production and inventory control?

Hi,

I want to simulate the inventory levels of 100 articles in Arena for the period of one year. I have demand and supply data given on weekly basis and want to simulate (and afterwards optimize) the inventory of the 100 articles.

How is it possible to do this without having 100 separate models?

So far I created one demand and one supply process starting with the creation of 100 entities every week and allocated the given data via a variable in a Read from File module. I am an absolute starter with Arena and hope you can help me out.

Thanks a lot!

I will perform a MethyLight assay with DNA of brain rats tissue. Wich control should I use to normalize de methylation percent of reaction? We found inventoried controls for humans, but not for rats.

I proposed a model that can give every customer recommendation according to their interest. To demonstrate  I need a supermarket data set which contain transaction history and individual customer purchase history

Can we use fixed point theory to study the inventory control problems? If yes then please share any literature.

Genetic Algorithm (GA)

Which is not an essential requirement of JIT purchasing?

(i) Stable relation with vendor

(ii) Simple purchase agreement

(iii) Timely exact quantity delivery

(iv) Specifying all conceivable design features

Simulation running normal distributions with four basic inventory fullfilment models tells that the stock for this formula is too high using fullfillment service level metric. Should the unsatisfied demand be accumulated and/or there is a problem with service level metric and Perfect order should be used? What approaches do you use to calculate safety stock analitically?

Which of the following is not a component of inventory carrying cost?

i) capital cost

ii) transportation cost

iii) insurance cost

iv) obsolescence cost.

We are working on Queuing models with bulk arrivals and  batch services using fuzzy parameters and we know how arrivals times and services times are distributed.

key words:

insourcing, outsourcing, transaction cost, make or buy

expert in warehouse especially in order picking

I am trying to prioritize three entities as High-H, Medium-M and Low-L. If in queue, three entities to be released are in order HLM with M getting out first then I want to process M first, then H and then L.

And to process L at last I am using Delay module, so that I can let the H go first. 

I am not sure whether entities will be processed one by one in decide module or in any order depending up on the delay on other statement. 

The attached snapshot is the create module in Arena. I have a maximum number of entities arrive to the system (20). If I set the mean time between arrival=1 minute and run, the net arrived entities will be 14!. If I make it 10 minutes, the net arrived entities will be 19. So the two parameters, namely max arrivals and Time between arrivals>>Value are independent. The question is how to make these two parameters dependent?

I appreciate any answer.

Where can I find a real library of Inventory Routing Problem instances (Bnechmark)?

I am writing a business report on Southwest Airline's operation, if you could suggest me related material to read, I would be grateful for that.

Thanks

Inventory control helps in budget selection to be invested in purchase and raw materials, 

If there is any, kindly recommend or share any related materials. Thank you.

Dear Colleagues:

Are there any Expert Systems (ES) or Decision Support Systems (DSS) for Inventory / Lot Sizing Decisions?

I am interested in exploring some kind of a software that takes your inputs, decides the closest mathematical model/s, and provides you some decision alternatives/solutions. 

Thanks in advance for your informative replies.

ARA

Problem is related to inventory control theory

Information sharing and exchange between OEMs and suppliers is a new approach to enable responsiveness.

The problem found in the production line is high lead time between processes. For example, the unfinished product stay idle in between grinding process and painting process. I would like to implement pull system to reduce the lead time.

Thanks in advance.

Inventory control poses a challenge for petrol stations when demand for petroleum products fluctuates from time to time.

I am not able to find papers related to Inventory control and management using Big Data and Hadoop

Information accessibility is one of the most important aspects of information sharing. I'd like to know how could it be evaluated within supply chain partners. 

   For M/M/1 queueing inventory system with NO more than one outstanding replenishment, Professor Daduna et al. gave deep insight for it by giving the sufficient and necessary conditions to obtain the product solution. In practice, queueing inventory systems with more than one outstanding replenishment are usually seen. How can I model them? 

I am currently working on Project Related to Spare parts Inventory. The Demand of parts is intermittent with zero demand for many months. I want to devise a method for the exact forecasting of consumption and time interval between two orders with the help of Statistical Analysis(Distributions). Can anybody suggest me what kind of approach should i have while applying distribution theory to this kind of inventory?

Many researchers argue that EDI (i.e. Electronic Data Interchange) technology does not provide flexibility, arguing that EDI is out of date technology. To what extent is this claim valid? To which industry sector to this valid? What is the alternative?

Inventory control has important role for supply chain network design in multi echelon, multi period. I'm looking for the most significant problem facing this network.