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Title: Determination and Analysis of Inventory Policies for Time-varying DemandProblem Applied on Continuous Probability Distributed Demand
Authors: Kanchanasuntorn, K. 
Neawdong, M. 
Yodsuwa, S. 
Issue Date: 2010
Publisher: University of the Thai Chamber of Commerce
University of the Thai Chamber of Commerce
Source: K. Kanchanasuntorn, M. Neawdong, S. Yodsuwa (2010) Determination and Analysis of Inventory Policies for Time-varying DemandProblem Applied on Continuous Probability Distributed Demand. UTCC Engineering Research Papers.
Journal: UTCC Engineering Research Papers
Abstract: According to one of the most interested ofinventory management issue in industrial and logisticsmanagement in today competitive environment, the aim of thiswork is to develop a determination tools for inventoryparameters calculation and analyze the applicable of thoseparameters into various probability distributed demand. Thecalculation program incorporated in Microsoft Excel aredeveloped and a series of simulation experiments are alsoconducted using the developed program in order to comparethe total inventory relevant cost of these policies The studiesare conducted for different cases of inventory problem with 3-different probability distributions of demand and the obtainedresults are analyzed and concluded.The program are developed for comparing 8 inventorypolicies for discrete demand pattern comprising of AdaptationEOQ, Lot–For–Lot, Periodic Order Quantity, Wagner–Whitin, Silver–Meal Algorithm, Least Unit Cost, Part–Period,and Incumented Part–Period. Visual Basic Application (VBA)code, a part of Microsoft Excel, is constructed in order toreceive input data, to calculate the inventory policies andrelevant total cost and to display program outputs. Afterverified and validated, the program is implemented fordetermining inventory policies of various scenarios ofproblems, including uniform, normally, and discretedistributed demand pattern. The analysis resultsobtained from program can be concluded that the Wagner-Whitin Algorithm is the best way to provide the lowest total cost by determining the order quantity in all appropriate periods. However, when demand in the first period is equal to0, we found that the Silver Meal Algorithm may provide the better results than those of Wagner-Whitin. So, in those cases, total relevant cost of the two policies should be compared.
ISSN: 1906-1625
Rights: This work is protected by copyright. Reproduction or distribution of the work in any format is prohibited without written permission of the copyright owner.
Appears in Collections:EN: Journal Articles

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