An optimization approach for inventory costs in probabilistic inventory models: A case study

ABSTRACT Inventories represent stocks of goods necessary for operations of sales or manufacturing in a company. These allow to the companies meet their sales levels, while representing an opportunity to the cost control and the decision-making. This paper presents an optimization approach to minimiz...

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Autores principales:	Pulido-Rojano,Alexander, Pizarro-Rada,Andrea, Padilla-Polanco,Miguel, Sánchez-Jiménez,Milton, De-la-Rosa,Ladianys
Lenguaje:	English
Publicado:	Universidad de Tarapacá. 2020
Materias:	Probabilistic inventory models independent demand safety stock forecasting methods total cost of inventory dispersion of demand
Acceso en línea:	http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-33052020000300383
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spelling	oai:scielo:S0718-330520200003003832020-11-03An optimization approach for inventory costs in probabilistic inventory models: A case studyPulido-Rojano,AlexanderPizarro-Rada,AndreaPadilla-Polanco,MiguelSánchez-Jiménez,MiltonDe-la-Rosa,Ladianys Probabilistic inventory models independent demand safety stock forecasting methods total cost of inventory dispersion of demand ABSTRACT Inventories represent stocks of goods necessary for operations of sales or manufacturing in a company. These allow to the companies meet their sales levels, while representing an opportunity to the cost control and the decision-making. This paper presents an optimization approach to minimize the inventory costs in probabilistic inventory models of independent demand. The approach has been validated for set the policy optimal of inventories with probabilistic demand within a company that markets disposable products. The established policy aims to minimize the inventory costs by using the standard deviation of the historical data, the mean deviation of forecast errors and the mean deviation of the historical data. For the determination of the economic order quantities, three types of products were selected, taking historical sales data. Likewise, different forecasting methods were used, selecting the one that minimizes the mean squared error for the forecasted demand. The proposed methodology is practical and easy to use in companies where inventories have probabilistic and independent demand. Also, the proposed approach allowed optimize the costs related to holding costs, ordering costs and safety stock costs.info:eu-repo/semantics/openAccessUniversidad de Tarapacá.Ingeniare. Revista chilena de ingeniería v.28 n.3 20202020-09-01text/htmlhttp://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-33052020000300383en10.4067/S0718-33052020000300383
institution	Scielo Chile
collection	Scielo Chile
language	English
topic	Probabilistic inventory models independent demand safety stock forecasting methods total cost of inventory dispersion of demand
spellingShingle	Probabilistic inventory models independent demand safety stock forecasting methods total cost of inventory dispersion of demand Pulido-Rojano,Alexander Pizarro-Rada,Andrea Padilla-Polanco,Miguel Sánchez-Jiménez,Milton De-la-Rosa,Ladianys An optimization approach for inventory costs in probabilistic inventory models: A case study
description	ABSTRACT Inventories represent stocks of goods necessary for operations of sales or manufacturing in a company. These allow to the companies meet their sales levels, while representing an opportunity to the cost control and the decision-making. This paper presents an optimization approach to minimize the inventory costs in probabilistic inventory models of independent demand. The approach has been validated for set the policy optimal of inventories with probabilistic demand within a company that markets disposable products. The established policy aims to minimize the inventory costs by using the standard deviation of the historical data, the mean deviation of forecast errors and the mean deviation of the historical data. For the determination of the economic order quantities, three types of products were selected, taking historical sales data. Likewise, different forecasting methods were used, selecting the one that minimizes the mean squared error for the forecasted demand. The proposed methodology is practical and easy to use in companies where inventories have probabilistic and independent demand. Also, the proposed approach allowed optimize the costs related to holding costs, ordering costs and safety stock costs.
author	Pulido-Rojano,Alexander Pizarro-Rada,Andrea Padilla-Polanco,Miguel Sánchez-Jiménez,Milton De-la-Rosa,Ladianys
author_facet	Pulido-Rojano,Alexander Pizarro-Rada,Andrea Padilla-Polanco,Miguel Sánchez-Jiménez,Milton De-la-Rosa,Ladianys
author_sort	Pulido-Rojano,Alexander
title	An optimization approach for inventory costs in probabilistic inventory models: A case study
title_short	An optimization approach for inventory costs in probabilistic inventory models: A case study
title_full	An optimization approach for inventory costs in probabilistic inventory models: A case study
title_fullStr	An optimization approach for inventory costs in probabilistic inventory models: A case study
title_full_unstemmed	An optimization approach for inventory costs in probabilistic inventory models: A case study
title_sort	optimization approach for inventory costs in probabilistic inventory models: a case study
publisher	Universidad de Tarapacá.
publishDate	2020
url	http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-33052020000300383
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An optimization approach for inventory costs in probabilistic inventory models: A case study

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