2019
Inventory Model Design by Implementing New Parameters into the Deterministic Model Objective Function to Streamline Effectiveness Indicators of the Inventory Management
STOPKOVÁ, Mária, Ondrej STOPKA and Vladimír ĽUPTÁKBasic information
Original name
Inventory Model Design by Implementing New Parameters into the Deterministic Model Objective Function to Streamline Effectiveness Indicators of the Inventory Management
Name in Czech
Návrh modelu zásob implementací nových parametrů do deterministického modelu objektivní funkce pro zefektivnění ukazatelů efektivity řízení zásob
Authors
STOPKOVÁ, Mária (703 Slovakia, guarantor, belonging to the institution), Ondrej STOPKA (703 Slovakia, belonging to the institution) and Vladimír ĽUPTÁK (703 Slovakia, belonging to the institution)
Edition
Sustainability, Basel, Switzerland, MDPI, Basel, Switzerland, 2019, 2071-1050
Other information
Language
English
Type of outcome
Article in a journal
Field of Study
50703 Transport planning and social aspects of transport
Country of publisher
Switzerland
Confidentiality degree
is not subject to a state or trade secret
References:
Impact factor
Impact factor: 2.576
RIV identification code
RIV/75081431:_____/19:00001604
Organization unit
Institute of Technology and Business in České Budějovice
Keywords (in Czech)
teorie zásob; inventární model; deterministický model; ukazatele výkonnosti řízení zásob
Keywords in English
inventory theory; inventory model; deterministic model; inventory management performance indicators
Links
LTC19009, research and development project.
Changed: 22/4/2020 14:49, Ing. Anna Palokha
V originále
The aim of this article is to modify the parameters and thus the objective function of the deterministic model of inventory theory so that other important aspects, which influence inventory management, can be taken into consideration. These aspects include the nature of inventory consumption, the share of inventories in sales, the capacity of means of transport and, above all, the reliability of suppliers. This goal is achieved by performing sophisticated and specific calculations for the individual parameters in the modified model. The modification of the objective function of the deterministic model has created a new multi-criteria model. The outcome of this model sought to optimize the supply process in a way that minimizes the risks associated with a lack of inventories while maintaining the economic effectiveness thereof. The model effectiveness is examined by comparing the application of the deterministic model and the proposed model with modified objective function. The results of applying these individual models have been produced based on calculations of indicators showing inventory management effectiveness—the speed of inventory turnover and the average number of inventories in storage.