A Model with Storage Limitation and Simulated Demand as Fresh Meat Inventory Management Support (CROSBI ID 142713)
Prilog u časopisu | izvorni znanstveni rad | međunarodna recenzija
Podaci o odgovornosti
Dukić, Gordana ; Dukić, Darko ; Sesar, Mate
engleski
A Model with Storage Limitation and Simulated Demand as Fresh Meat Inventory Management Support
An important aspect of retail outlets which offer different kinds of fresh meat is the careful planning of inventory. In this context, inventory management includes ensuring the required quantity of meat, storing it in an adequate way, and also minimizing the setup cost, holding cost, shortage cost and possible losses that might occur if the goods remain unsold. By devising and applying appropriate models companies can significantly improve their decision making connected to harmonizing the demand and different inventory costs. This paper presents an inventory model with limited storage space, characterized by the estimate of meat demand based on simulated values that are generated by computer from beta distribution. If the determined quantities exceed the available storage space, in the model then could be used the Lagrange multiplier which allows for simultaneous decrease of the originally established values. This eventually results in the optimum order quantity of different meat products, as well as the associated total storage costs.
inventory model with storage limitation ; computer simulated demand ; fresh meat inventory ; inventory costs ; optimization
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Podaci o izdanju
Povezanost rada
Ekonomija, Informacijske i komunikacijske znanosti