Fixed Quantity Inventory Model - Definition
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fixed quantity inventory model Academic Research on Fixed Quantity Inventory Model An optimal batch size for a production system operating under afixed-quantity, periodic delivery policy, Sarker, B. R., & Parija, G. R. (1994). Journal of the Operational Research Society,45(8), 891-900. A manufacturing system which procures raw materials from suppliers and processes them to convert to finished products is considered here. This paper develops an ordering policy for raw materials to meet the requirements of a production facility which, in turn, must deliver finished products demanded by outside buyers at fixed interval points in time. Operations planning in a supply chainsystemwithfixed-interval deliveries of finished goods to multiple customers, Parija, G. R., & Sarker, B. R. (1999). IIE transactions,31(11), 1075-1082. This paper evaluates the role of raw material ordering policy and manufacturing batch size for fixed interval deliveries of finished goods to multiple customers in the economic management of the supply chain logistics. The paper develops an ordering policy for raw materials and determines an economic batch size for a product at a manufacturing center which supplies finished products to multiple customers, with a fixed-quantity at a fixed time-interval to each of the customers. Optimal batch size and raw material ordering policy for a production system with afixed-interval, lumpy demand delivery system, Sarker, B. R., & Parija, G. R. (1996). European Journal of Operational Research,89(3), 593-608. This paper develops an ordering policy for raw materials, to meet the demands of a production facility which supplies a fixed quantity of finished products to outside buyers, at a fixed interval of time. In this model, an optimal multi-order policy for procurement of raw materials for a single manufacturing batch is developed to minimize the total cost. An integer approximation is adopted to refine the optimal solution. A worst-case scenario is also analyzed to demonstrate the effect of the setup costs on the total cost of the inventory system. Optimizing a production system with afixeddelivery schedule, Hill, R. M. (1996).Journal of the Operational Research Society,47(7), 954-960. This note considers a model in which a manufacturing company purchases a raw material, manufactures a product (at a finite rate) and ships a fixed quantity of the product to a single customer at fixed and regular intervals of time, as specified by the customer. In general there are several shipments made during each production run. The objective is to determine a purchasing and production schedule which minimises the total cost of purchasing, manufacturing and stockholding. Mixtureinventory modelwith backorders and lost sales for variable lead time, Ouyang, L. Y., Yeh, N. C., & Wu, K. S. (1996). Journal of the Operational Research Society,47(6), 829-832. In a recent paper, Ben-Daya and Raouf presented a continuous review inventory model in which they considered both lead time and the order quantity as decision variables where the shortages are neglected. This paper assumes that the shortages are allowed and it extends the Ben-Daya and Raouf model by adding the stockout cost. Furthermore, the effects of parameters are also included. An integrated JITinventory model, Banerjee, A., & Kim, S. L. (1995). International Journal of Operations & Production Management,15(9), 237-244. In this paper, an integrated inventory replenishment model for a buyer that buys a single product from a vendor that manufactures this item and delivers it to the former in fixed quantities is developed. The paper illustrates the model and the related concepts through a simple numerical example. Economic lot sizemodelfor price-dependent demand underquantityand freight discounts, Burwell, T. H., Dave, D. S., Fitzpatrick, K. E., & Roy, M. R. (1997). International Journal of Production Economics,48(2), 141-155. This study incorporates quantity and freight discounts in inventory decision making when demand, rather than being constant, is considered to be dependent upon price. An algorithm is developed to determine the optimal lot size and selling price for a class of demand functions, including constant price-elasticity and linear demand. A numerical example is provided to illustrate the model and a computer program is developed to implement the model derived in the paper. An integratedinventory modelfor a single vendor and multiple buyers with ordering cost reduction, Woo, Y. Y., Hsu, S. L., & Wu, S. (2001).International Journal of Production Economics,73(3), 203-215. This paper explores the strategies which firms use in gaining competitive advantages as lower logistics costs and securing customers loyalty. This paper considers an integrated inventory system where a single vendor purchases and processes raw materials in order to deliver finished items to multiple buyers. An analytical model is developed to derive the optimal investment amount and replenishment decisions for both vendor and buyers. A multiecheloninventory modelwithfixedreplenishment intervals, Graves, S. C. (1996).Management Science,42(1), 1-18. This paper develops a new model for studying multi-echelon inventory systems with stochastic demand. In the model, it is assumed that each site in the system orders at preset times according to an order-up-to policy, that delivery times are deterministic, and that the demand processes are stochastic with independent increments. The study introduces a new scheme for allocating stock in short supply, which is called virtual allocation and which permits significant tractability. The single-vendor single-buyer integrated production-inventory modelwith a generalised policy, Hill, R. M. (1997). European journal of operational research,97(3), 493-499. Aninventory modelwith trade-credit policy and variable deterioration forfixedlifetime products, Sarkar, B., Saren, S., & Crdenas-Barrn, L. E. (2015). Annals of Operations Research,229(1), 677-702. The purpose of this study is twofold. The first is to consider suppliers and retailers trade-credit policy for fixed lifetime products and the second is to extend Mahatas 2012 model with time varying deterioration where Mahata wrote exponential deterioration but actually he considered constant deterioration. Some numerical examples along with graphical representations are given to illustrate the model. Deterministicinventory modelwith two levels of storage, a linear trend in demand and afixedtime horizon, Kar, S., Bhunia, A. K., & Maiti, M. (2001). Computers & Operations Research,28(13), 1315-1331. In this paper, a deterministic inventory model is developed for a single item having two separate storage facilities (owned and rented warehouses) due to limited capacity of the existing storage (owned warehouse) with linearly time-dependent demand (increasing) over a fixed finite time horizon. The model is formulated by assuming that the rate of replenishment is infinite and the successive replenishment cycle lengths are in arithmetic progression. Shortages are allowed and fully backlogged. As a particular case, the results for the model without shortages are derived. Results are illustrated with two numerical examples.