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Vol.13, No.2, May 2024. ISSN: 2217-8309 eISSN: 2217-8333
TEM Journal
TECHNOLOGY, EDUCATION, MANAGEMENT, INFORMATICS Association for Information Communication Technology Education and Science |
Proposal of Set of Optimization Criteria and Their Specific Calculation for Effective Inventory Management in an Industrial Enterprise
Mária Stopková, Petr Kolařík, Martin Jurkovič, Jarmila Sosedová
© 2024 Mária Stopková, published by UIKTEN. This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License. (CC BY-NC-ND 4.0)
Citation Information: TEM Journal. Volume 13, Issue 2, Pages 1290-1296, ISSN 2217-8309, DOI: 10.18421/TEM132-43, May 2024.
Received: 11 January 2024. Revised: 01 April 2024.
Abstract:
Currently, there are many mathematical models and tools for inventory management and optimization. Based on the literature review, the authors conclude that inventory management tools and models are mostly one-sided and focused on the cost aspect of the inventory management process. The research goal was to propose a set of criteria for inventory optimization as a basis for the development of an inventory management model whose structure would consider both the economic aspect and the stochasticity of demand and the reliability of delivery. Optimization criteria are based on extensive analyses of influences and correlations between logistic chain subsystems in relation to inventory. The interactions of the subsystems are then mathematically expressed, which represents the main output of the created set of optimization criteria. The defined criteria can be used as a basis for creating a new optimization model of inventory management.
Keywords – Logistics chain, inventory management process, optimization criteria, inventory costs, commitment of funds, stochasticity of demand, delivery reliability, risk of inventory shortage. |
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