An improved consignment stock policy under stochastic lead times for effective inventory management in supply chains

Author

Srinivas, Ch. ; Rao, C.S.P.

Author_Institution

Dept. of Mech. Eng., Nat. Inst. of Technol., Warangal, India

Volume

3

fYear

2004

fDate

18-21 Oct. 2004

Firstpage

1222

Abstract

This paper describes the characteristic features of the stock monitoring and control known as consignment stock (CS) as well as the Hill´s inventory model in supply chain management for a single vendor -single buyer under stochastic nature. The manufacturing system lead-time has been crashed in CS-LT stochastic model to minimize the joint total expected cost (JTEC) with simultaneously optimizing the decision variables so as to gain the competitive advantage in business.

Keywords

cost reduction; manufacturing systems; minimisation; stochastic processes; stock control; supply chain management; Hill inventory model; consignment stock policy; inventory management; joint total expected cost; manufacturing system lead-time; stock control; stock monitoring; supply chain; supply chain management; Batch production systems; Computer crashes; Continuous production; Cost function; Inventory management; Pulp manufacturing; Stochastic processes; Stochastic systems; Supply chain management; Supply chains;

fLanguage

English

Publisher

ieee

Conference_Titel

Engineering Management Conference, 2004. Proceedings. 2004 IEEE International

Print_ISBN

0-7803-8519-5

Type

conf

DOI

10.1109/IEMC.2004.1408888

Filename

1408888