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A Stochastic Inventory Management Model with Consideration of Additional Information

Author

Listed:
  • Tanka Milkova

    (University of Economics - Varna, Varna, Bulgaria)

Abstract

Proper management of stocks in the logistics system is essential for achieving high economic performance of any economic organization in the modern economy. The choice of appropriate models and methods for effective stock management depends on the nature of their consumption. In general, two main types of inventory consumption are considered - in certain and in case of random demand. In literature, a fundamental model for the management of stocks in random demand is known, using probability characteristics for the consumption of a certain quantity of the stock. These values are often difficult to set completely correctly. The article offers an opportunity to overcome these difficulties by constructing an algorithm to determine them taking into account additional information about the environment.

Suggested Citation

  • Tanka Milkova, 2022. "A Stochastic Inventory Management Model with Consideration of Additional Information," Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, Union of Scientists - Varna, Economic Sciences Section, vol. 11(1), pages 167-174, April.
    • Handle: RePEc:vra:journl:v:11:y:2022:i:1:p:167-174
    as

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    File URL: http://su-varna.org/journal/IJUSV-ESS/2022.11.1/167-174.pdf
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    References listed on IDEAS

    as
    1. Douniel Lamghari-Idrissi & Rob Basten & Geert-Jan van Houtum, 2021. "Reducing risks in spare parts service contracts with a long downtime constraint," IISE Transactions, Taylor & Francis Journals, vol. 53(10), pages 1067-1080, October.
    2. Ramez Kian & Tolga Bektaş & Djamila Ouelhadj, 2019. "Optimal spare parts management for vessel maintenance scheduling," Annals of Operations Research, Springer, vol. 272(1), pages 323-353, January.
    3. Shuai Zhang & Kai Huang & Yufei Yuan, 2021. "Spare Parts Inventory Management: A Literature Review," Sustainability, MDPI, vol. 13(5), pages 1-23, February.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Inventory Management; Stochastic Models.;

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis

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