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Inventory Stockholding Policy Model

In: Proceedings of the 19th International Symposium on Management (INSYMA 2022)

Author

Listed:
  • Andi Kurniawan

    (Airlangga University)

Abstract

Managing spare parts inventory is one strategy that needs to be adequately planned to support a fertilizer company’s production. Stockholding policy is part of integrated spare part management, where spare part classification is determined based on specific inventory criteria. This paper conducts an exploratory study on the design of the stockholding policy model in a fertilizer company in Indonesia. The stockholding policy model will be built with specific inventory criteria using multicriteria analysis: (1) Operation mode, (2) Failure mode, (3) Lead time, (4) Usage, and (5) Price. The results reveal that a fertilizer company’s stockholding policy model optimizes spare part inventory management. Optimum inventory is indicated by ITO (Inventory Turn Over) and Inventory value after stockholding policy model implementation. Knowing the importance and function of the stockholding policy model can develop and strengthen the company to improve spare part inventory strategy and support optimum operations for fertilizer company’s production.

Suggested Citation

  • Andi Kurniawan, 2023. "Inventory Stockholding Policy Model," Advances in Economics, Business and Management Research, in: Werner Ria Murhadi & Dudi Anandya & Noviaty Kresna Darmasetiawan & Juliani Dyah Trisnawati & Putu An (ed.), Proceedings of the 19th International Symposium on Management (INSYMA 2022), pages 1039-1045, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-008-4_129
    DOI: 10.2991/978-94-6463-008-4_129
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