Economic Analysis: Theory and Practice
 

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A multi-product model to manage inventory with multiple frequency delivery

Vol. 18, Iss. 12, DECEMBER 2019

Received: 21 June 2018

Received in revised form: 10 July 2018

Accepted: 25 November 2019

Available online: 25 December 2019

Subject Heading: MATHEMATICAL METHODS AND MODELS

JEL Classification: C61

Pages: 2307–2321

https://doi.org/10.24891/ea.18.12.2307

Mitsel' A.A. Tomsk State University of Control Systems and Radioelectronics (TUSUR), Tomsk, Russian Federation
maa@asu.tusur.ru

https://orcid.org/0000-0002-2624-4383

Anpilogova K.A. National Research Tomsk Polytechnic University (TPU), Tomsk, Russian Federation
Kseniya.anpilogova1994@gmail.com

ORCID id: not available

Subject The article considers various mathematical models for managing stock inventories.
Objectives The aims include to obtain a multi-product model to manage inventories with random deliveries of multiple periodicity with minimum working capital, to analyze and compare it with the model by the Kulakovs, and to build models based on real data.
Methods Our own multi-product model to manage inventory with multiple periodicity is built assuming that at the beginning of the cycle only the first resource is fully purchased, the remaining resources are initially purchased in shares and then additionally purchased within the cycle. The volume of resource supply is not limited, the frequency of supply of all resources is multiple. The model rests on accounting equations at the initial point in time, and also at the time of additional purchase of resource deficit.
Results We constructed a multi-product model of stock management with an arbitrary volume of supplies and multiple periodicity. We compared it with the model by the Kulakovs and made a real-data model for the VostokAvtoTrans branch of TOO VostokTsvetMet (Republic of Kazakhstan).
Conclusions The offered model enables to save more than twenty percent of working capital as compared with the model by the Kulakovs.

Keywords: working capital, inventory management, multi-product inventory management model, optimization, minimization

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