Enhancing Inventory Management through Safety-Stock Strategies—A Case Study

IF 2.3 4区 社会学 Q1 SOCIAL SCIENCES, INTERDISCIPLINARY Systems Pub Date : 2024-07-20 DOI:10.3390/systems12070260
Sema Demiray Kırmızı, Zeynep Ceylan, Serol Bulkan
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Abstract

Efficient inventory management, including optimal safety-stock levels, is crucial for operational continuity and cost-effectiveness in various industries. This study seeks the optimal inventory management strategy to minimize costs and determine ideal safety-stock levels. It compares five approaches: the company’s (STAR) current “number of days” method, two alternative models from the literature (the theory of constraints (TOC) replenishment model and the service-level approach), and two newly developed hybrid methodologies (the TOC replenishment model with ABC–XYZ classification and the service-level approach with ABC–XYZ classification). The analysis focused on financial performance, considering inventory holding and shortage costs. Monthly production plans were established and fixed as constant based on predetermined optimum month-end inventory levels derived from each method. Through simulation, actual month-end inventory levels were assessed, comparing total inventory costs (TICs). While unit holding costs (UHCs) were documented in financial records in the company, unit shortage costs (USCs) were not; thus, USCs were examined in three scenarios. The results show that the second proposed hybrid model consistently outperformed the other four methods, including the company’s current approach, significantly reducing TIC. The analysis emphasizes the importance of demand variation in setting safety stocks and demonstrates the second hybrid methodology’s effectiveness in optimizing safety-stock strategies and improving overall inventory management efficiency.
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通过安全库存战略加强库存管理--案例研究
高效的库存管理,包括最佳安全库存水平,对各行各业的运营连续性和成本效益至关重要。本研究寻求最佳库存管理策略,以最大限度地降低成本,并确定理想的安全库存水平。它比较了五种方法:公司(STAR)目前的 "天数 "方法、文献中的两种替代模型(约束理论(TOC)补货模型和服务水平方法)以及两种新开发的混合方法(带有 ABC-XYZ 分类的 TOC 补货模型和带有 ABC-XYZ 分类的服务水平方法)。分析的重点是财务绩效,同时考虑库存持有成本和短缺成本。根据每种方法预先确定的最佳月末库存水平,制定了月度生产计划,并将其固定为常数。通过模拟,对月末实际库存水平进行了评估,并比较了总库存成本(TIC)。公司的财务记录中记录了单位持有成本(UHC),但没有记录单位短缺成本(USC);因此,在三种情况下对单位短缺成本进行了检查。结果表明,第二种建议的混合模型始终优于其他四种方法,包括该公司目前的方法,大大降低了 TIC。分析强调了需求变化在设定安全库存中的重要性,并证明了第二种混合方法在优化安全库存策略和提高整体库存管理效率方面的有效性。
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来源期刊
Systems
Systems Decision Sciences-Information Systems and Management
CiteScore
2.80
自引率
15.80%
发文量
204
审稿时长
11 weeks
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