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Stochastic Reliability Measurement and Design Optimization of an Inventory Management System

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  • Abdulaziz T. Almaktoom

Abstract

Inventory management systems and dynamic reliability measures and controls remain challenging at every stage, especially when time variances and operating conditions are considered. An inventory management system must maintain its adeptness over time while coping with the uncertainty of inventory flow. Unexpected delays during inventory movement can harm the reliability and robustness of the entire system. This paper introduces a method of quantifying the reliability of an inventory management system. Also, a novel, reliability-based robust design optimization model has been developed to optimally allocate and schedule time while considering uncertainty associated with inventory movement. The processes involved include purchasing, shipping, receiving, tracking, warehousing, storage, and turnover. A case study of a furniture company in Saudi Arabia is presented to demonstrate the efficacy of the model.

Suggested Citation

  • Abdulaziz T. Almaktoom, 2017. "Stochastic Reliability Measurement and Design Optimization of an Inventory Management System," Complexity, Hindawi, vol. 2017, pages 1-9, August.
    • Handle: RePEc:hin:complx:1460163
    DOI: 10.1155/2017/1460163
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    References listed on IDEAS

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    1. Arıkan, Emel & Fichtinger, Johannes & Ries, Jörg M., 2014. "Impact of transportation lead-time variability on the economic and environmental performance of inventory systems," International Journal of Production Economics, Elsevier, vol. 157(C), pages 279-288.
    2. Arikan, E. & Fichtinger, J. & Ries, J. M., 2014. "Impact of transportation lead-time variability on the economic and environmental performance of inventory systems," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 63386, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    3. Joanna Resurreccion & Joost R. Santos, 2012. "Multiobjective Prioritization Methodology and Decision Support System for Evaluating Inventory Enhancement Strategies for Disrupted Interdependent Sectors," Risk Analysis, John Wiley & Sons, vol. 32(10), pages 1673-1692, October.
    4. Sule Birim & Cigdem Sofyalioglu, 2017. "Evaluating vendor managed inventory systems: how incentives can benefit supply chain partners," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 18(1), pages 163-179, January.
    5. Seyed Mohsen Mousavi & Ardeshir Bahreininejad & S. Nurmaya Musa & Farazila Yusof, 2017. "A modified particle swarm optimization for solving the integrated location and inventory control problems in a two-echelon supply chain network," Journal of Intelligent Manufacturing, Springer, vol. 28(1), pages 191-206, January.
    6. Krishna K. Krishnan & Abdulaziz T. Almaktoom & Prakhash Udayakumar, 2016. "Optimisation of stochastic assembly line for balancing under high variability," International Journal of Industrial and Systems Engineering, Inderscience Enterprises Ltd, vol. 22(4), pages 440-465.
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    Cited by:

    1. Weiwei Li & Lisheng Weng & Kaixu Zhao & Sidong Zhao & Ping Zhang, 2021. "Research on the Evaluation of Real Estate Inventory Management in China," Land, MDPI, vol. 10(12), pages 1-29, November.
    2. Bowei Xu & Junjun Li & Yongsheng Yang & Huafeng Wu & Octavian Postolache, 2019. "Model and Resilience Analysis for Handling Chain Systems in Container Ports," Complexity, Hindawi, vol. 2019, pages 1-12, July.

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