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An Application of a Cost Minimization Model in Determining Safety Stock Level and Location

Title:

An Application of a Cost Minimization Model in Determining Safety Stock Level and Location

Amirjabbari, Bahareh and Bhuiyan, Nadia (2015) An Application of a Cost Minimization Model in Determining Safety Stock Level and Location. The Global Journal of Researches in Engineering, 15 (3). pp. 43-62. ISSN 2249-4596

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Abstract

In recent decades, the lean methodology and the development of its principles and concepts have widely been applied in supply chain management. One of the most important strategies of being lean is having efficient inventory within the whole supply chain. Managing inventory efficiently requires appropriate management of safety stock in order to compensate the weakness of the supply chain for product availability.A nonlinear cost minimizationsafety stock model with the objective of minimizing the total logistics cost is developed in this paper. This modelis also applied to a real-world case company which is a manufacturer.The model results in optimum levels and locations of safety stock within the company’s supply chain in order to minimize total logistics costs.

Divisions:Concordia University > Gina Cody School of Engineering and Computer Science > Mechanical and Industrial Engineering
Item Type:Article
Refereed:Yes
Authors:Amirjabbari, Bahareh and Bhuiyan, Nadia
Journal or Publication:The Global Journal of Researches in Engineering
Date:2015
Funders:
  • Concordia Open Access Author Fund
ID Code:982258
Deposited By: DANIELLE DENNIE
Deposited On:21 Mar 2017 14:34
Last Modified:18 Jan 2018 17:54
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