Using of Optimizing Methods in Inventory Management of the Company

Abstract

Management of inventory presents an integral part of logistics and effective inventory management demands inventory optimizing since the stocks of the company bind financial resources and present high costs on stocking and maintenance of inventory. The aim of this contribution is to point out the possibilities of optimization the stocks of the mining company in the process of extracting granodiorite. For optimization of stocks-granodiorite we can use EOQ inventory optimization model is used, which sets the optimal amount of raw material extracted in relation to economic indicators such as storage costs, the cost of securing the extracted material in the quarry, insurance costs and other types of costs. By EOQ optimization model, we found that optimum granodiorite extraction should be 38 tons per hour of granodiorite, which would mean low costs for the company in relation to securing the raw material. This model allows planning interventions in the mining process in terms of cost optimization, which is an important economic indicator for the company. The advantage of this EOQ model is the obtaining of important information about the state of the extracted raw material in the quarry Hradbová as well as on the volume of storage costs of the extracted raw material. Management of stocks raw material and minimization of costs represent economic benefits for the mining company.

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