An optimization model for inventory system and the algorithm for the optimal inventory costs based on supply-demand balance
type: Item
instance of: scholarly article
title: An optimization model for inventory system and the algorithm for the optimal inventory costs based on supply-demand balance
zbMATH Open document ID: 1394.90028
DOI: 10.1155/2015/508074
author: Qingsong Jiang
author: Ruihuan Hou
author: Baoping Zhou
author: Wei Xing
published in: Mathematical Problems in Engineering
publication date: 2018-08-27T00:00:00Z
review text: Summary: In order to investigate the inventory optimization of circulation enterprises, demand analysis was carried out firstly considering supply-demand balance. Then, it was assumed that the demand process complied with mutually independent compound Poisson process. Based on this assumption, an optimization model for inventory control of circulation enterprises was established with the goal of minimizing the average total costs in unit time of inventory system. In addition, the optimal computing algorithm for inventory costs was presented. Meanwhile, taking the agricultural enterprises in Aksu, Xinjiang, China, for example, the researchers conducted numerical simulation and sensitivity analysis. Through constantly adjusting and modifying the parameters values in model, the optimal stock and the optimal inventory costs were obtained. Therein, the numerical results showed that the uncertainty of lead time greatly influenced the optimal inventory strategy. Besides, it was demonstrated that the research results provided a valuable reference for the agricultural enterprises in terms of optimal management for inventory system.
Mathematics Subject Classification ID: 90B05
zbMATH DE Number: 6926526
Wikidata QID: Q59118798
MaRDI profile type: Publication
full work available at URL: https://doi.org/10.1155/2015/508074
OpenAlex ID: W2193189421
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description: scientific article; zbMATH DE number 6926526