Title :
The optimal routes for the vessels to transport empty containers under different shipping service networks design
Author :
Yadavalli, Vss ; Adetunji, Olufemi ; Al-Rikabi, Rafid Bahidh Dawood
Author_Institution :
Dept. of Ind. & Syst. Eng., Univ. of Pretoria, Tshwane, South Africa
Abstract :
In any manufacturing industry, one of the areas where business leadership can focus to achieve cost reduction is inventory management. Inventory ties up working capital which could be better employed elsewhere. The main problem in inventory management is to determine inventory levels and order raw materials and produce finished products accordingly. The goal of this paper is to present a simple framework developed to assist end-users in their decision making process for inventory control. The framework is based on time series oriented forecasting methods to select the reordering strategies for independent demand of a product for small manufacturing companies.
Keywords :
demand forecasting; order processing; stock control; time series; demand forecasting; inventory control; inventory management; production planning; reordering strategies; time series oriented forecasting methods; Biological system modeling; Companies; Economics; Forecasting; Manufacturing; Production; Smoothing methods; Optimal voyage route; South Africa seaports; empty containers movement; shipping service networks;
Conference_Titel :
Industrial Engineering and Operations Management (IEOM), 2015 International Conference on
Conference_Location :
Dubai
Print_ISBN :
978-1-4799-6064-4
DOI :
10.1109/IEOM.2015.7093896