Title :
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
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;
Conference_Titel :
Engineering Management Conference, 2004. Proceedings. 2004 IEEE International
Print_ISBN :
0-7803-8519-5
DOI :
10.1109/IEMC.2004.1408888