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131777

Turnover of Stochastic Inventory Systems.

Article

Last updated: 04 Jan 2025

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Subjects

-

Tags

Production Engineering and Mechanical Design

Abstract

Evaluating performance of real inventory systems by using the conventional methods is a complex task because of disengagement of decision variables, especially for networks. Therefore, managers resort to the turnover role (TOR) as a local and aggregate tool. Analytic models of TOR seem to be scarce in the literature. This study developed several TOR models, based on stochastic continuous-review system, starting from completely structured objective functions. Two novel philosophies are highlighted to justify rushing TOR from cost and profitable views. The models include short ones that can be practically applied to abstract stochastic and sophisticated features of the system, The models are conducted to hypothetical and real data, followed by regression analyses. The results confirm that faster TOR is more profitable in a wide range. That is justified by the profitability curves with different allowable shortage probabilities and unit dynamic rates. Those curves are found skewed left to the optimum profitability. The explored statistical trends demonstrate generality for the system parameters that are merely modifying the trend coefficients. The same procedure can be followed to develop models for oilier deterministic and stochastic systems under several varieties of proceeding incidences.

DOI

10.21608/bfemu.2020.131777

Keywords

Inventory: Turnover rate, Stochastic demand, Rush, Return Loss, Regression

Authors

First Name

Hassan Ali

Last Name

Soltan

MiddleName

-

Affiliation

Professor of Prouduction Engineering and Mechanical Design., Faculty of Engineering., El-Mansoura University., Mansoura 35516 ., Egypt

Email

-

City

Mansoura

Orcid

-

Volume

30

Article Issue

3

Related Issue

19436

Issue Date

2005-09-01

Receive Date

2005-06-11

Publish Date

2020-12-23

Page Start

13

Page End

27

Print ISSN

1110-0923

Online ISSN

2735-4202

Article File

BFEMU_Volume 30_Issue 3_Pages 13-27.pdf

PDF . 244.3kB

Link

https://bfemu.journals.ekb.eg/article_131777.html

Detail API

https://bfemu.journals.ekb.eg/service?article_code=131777

Order

12

Type

Research Studies

Type Code

1,205

Publication Type

Journal

Publication Title

MEJ. Mansoura Engineering Journal

Publication Link

https://bfemu.journals.ekb.eg/

MainTitle

Turnover of Stochastic Inventory Systems.

Details

Type

Article

Created At

22 Jan 2023