Browsing by Subject "Inventory Management"
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Item An Effective Implementation of Operational Inventory Management(2010-01-16) Sellamuthu, SivakumarThis Record of Study describes the Doctor of Engineering (DE) internship experience at the Supply Chain Systems Laboratory (SCSL) at Texas A&M University. The objective of the internship was to design and develop automation tools to streamline lab operations related to inventory management projects and during that process adapt and/or extend theoretical inventory models according to real-world business complexity and data integrity problems. A holistic approach to automation was taken to satisfy both short-term and long-term needs subject to organizational constraints. A comprehensive software productivity tool was designed and developed that considerably reduced time and effort spent on non-value adding activities. This resulted in standardizing and streamlining data analysis related activities. Real-world factors that significantly influence the data analysis process were identified and incorporated into model specifications. This helped develop an operational inventory management model that accounted for business complexity and data integrity issues commonly encountered during implementation. Many organizational issues including new business strategies, human resources, administration, and project management were also addressed during the course of the internship.Item Inventory Management of Perishable Goods under Demand Variability(2013-08-01) Ayoub, Wisam HannaPerishability of fluid milk presents challenges for efficient distribution and limits market expansion for dairy when temperatures cannot be fully controlled during transportation. This research develops a modeling framework that integrates food science and economic parameters examining the impacts of different demand specifications on the cost minimization and profit maximization problem of fluid milk. The square root model from the food science literature is used to estimate the shelf-life of fluid milk at retail level. The shelf-life parameter is then used as input to the fixed- order quantity inventory model from the business economic literature. Additionally two demand specifications, the own-price elasticity and the negative binomial distribution, are used to calculate the total cost of managing inventory and resulting profit. Modeling results confirm that fluctuations in temperature and time dramatically increase the percentage of perishability cost and decrease profitability. Specifications of retail demand directly impact outcomes of the inventory model. Under the demand model based on price elasticity, simulated total costs are lower and profits are higher than under the negative binomial specification. The negative binomial distribution approach provides a simulated outcome where sales losses are minimized and customer satisfaction is higher. This thesis proposes, presents and uses a working model that can be extended and directly applied for fluid milk as well as other perishable food supplies.