An optimal algorithm for integrating raw materials inventory in a single-product manufacturing system

In this paper, we develop an exact solution procedure for finding the optimal inventory policies and for grouping the raw materials into a few groups. This is under the provision of a common order cycle for a single-product manufacturing system where the raw materials used for manufacturing it are p...

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Bibliographic Details
Published inEuropean journal of operational research Vol. 59; no. 2; pp. 313 - 318
Main Authors Hong, Jae-Dong, Hayya, Jack C.
Format Journal Article
LanguageEnglish
Published Amsterdam Elsevier B.V 10.06.1992
Elsevier
Elsevier Sequoia S.A
SeriesEuropean Journal of Operational Research
Subjects
Algorithms
Applied sciences
Cost control
Exact sciences and technology
grouping
Groups
Inventory control, production control. Distribution
Inventory management
Manufacturing
Operational research and scientific management
Operational research. Management science
Operations research
Optimization
Optimum inventory policies
Raw materials
grouping
Optimum inventory policies
raw materials
Production system
Inventory control
Grouping
Raw materials
Optimal policy
Exact solution
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Summary:In this paper, we develop an exact solution procedure for finding the optimal inventory policies and for grouping the raw materials into a few groups. This is under the provision of a common order cycle for a single-product manufacturing system where the raw materials used for manufacturing it are procured from outside sources. We also present a numerical example.
ISSN:0377-2217
1872-6860
DOI:10.1016/0377-2217(92)90147-2