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Economic Analysis: Theory and Practice
 

A multiproduct inventory control model for supply of two types of goods at random interval between deliveries

Vol. 16, Iss. 6, JUNE 2017

PDF  Article PDF Version

Received: 30 January 2017

Received in revised form: 10 April 2017

Accepted: 17 May 2017

Available online: 29 June 2017

Subject Heading: MATHEMATICAL METHODS AND MODELS

JEL Classification: С51, С54, М21

Pages: 1152-1169

https://doi.org/10.24891/ea.16.6.1152

Kulakova Yu.N. Ural Social and Economic Institute (Branch) of Academy of Labor and Social Relations, Chelyabinsk, Russian Federation
Kulakova174@mail.ru

Kulakov A.B. Ural Social and Economic Institute (Branch) of Academy of Labor and Social Relations, Chelyabinsk, Russian Federation
Finansist_97@2074.ru

Subject The article considers a multiproduct inventory management model developed for supply of two types of goods of the same delivery value and random interval between deliveries.
Objectives The purpose is to evaluate the divergence of parameters of a model with random interval between deliveries from the parameters of optimal model for supply of two types of goods of the same delivery value and equal interval between deliveries.
Methods We developed an economic and mathematical model to control incoming inventory of the enterprise, which differs from existing multiproduct models as it considers the parameter of random interval between deliveries.
Results The model enables to evaluate the deviation of normalization factor, which determines the volume of current assets invested in inventory in the model with random interval between deliveries, from the optimum value of the normalization factor obtained in the event of observance of optimum delivery parameters. This helps evaluate unreasonable investment in current assets and excess expenses related to inventory management. The findings may be used by companies when planning the deliveries of purchased goods to define the most favorable terms of contracts with suppliers.
Conclusions The findings prove the economic expediency of meeting the optimum conditions of goods' delivery and assess the level of deviation from optimum parameters, if suppliers fail to meet the conditions.

Keywords: enterprise, inventory management, multiproduct model, optimization, normalization factor

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