A shortfall modelling-based solution approach for stochastic cyclic inventory routing

Raa, Birger; Aouam, Tarik

doi:10.1016/j.ejor.2022.06.001

European Journal of Operational Research

2023

DOI: 10.1016/j.ejor.2022.06.001

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A shortfall modelling-based solution approach for stochastic cyclic inventory routing

Birger Raa

Tarik Aouam

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A method of finding solutions in a dynamic model of inventory management under uncertainty

Symonov¹,

Горбачук²

2022

BKNUPhM

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The article considers the method of finding solutions in the dynamic model of inventory management under uncertainty. An algorithm for formulating an optimal inventory management strategy is proposed using the developed method of determining the size of the optimal order lot and forming an optimal supply plan under conditions of stochastic demand. The developed solution is aimed at ensuring profit maximization in goods supply operations due to the optimization of inventory maintenance costs, an increase in inventory turnover ratio, a reduction of working capital maintenance costs, etc. The modelling was performed considering the mono-product strategy, the even distribution of sales in the cycle, and the instant supply of goods at the beginning of the cycle. The most common variables were listed as limitations of the model, which allows for a demonstration of the operation of the algorithm. The paper compares the simulation results of alternative methods of planning the inventory management process. The given results indicate the superiority of the proposed model.

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A method of finding solutions in a dynamic model of inventory management under uncertainty

Symonov¹,

Горбачук²

2022

BKNUPhM

View full text Add to dashboard Cite

show abstract

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A shortfall modelling-based solution approach for stochastic cyclic inventory routing

Cited by 1 publication

References 36 publications

A method of finding solutions in a dynamic model of inventory management under uncertainty

A method of finding solutions in a dynamic model of inventory management under uncertainty

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