An optimization approach for inventory costs in probabilistic inventory models: A case study
Keywords:
Probabilistic inventory models, Independent demand, Safety stock, Forecasting methods, Total cost of inventory, Dispersion of demandAbstract
Inventories represent stocks of goods necessary for sales or manufacturing operations. This paper presents an optimization approach to minimize inventory costs in probabilistic inventory models with independent demand. The approach has been validated for setting the optimal inventory policy within a company that markets disposable products, minimizing costs by using the standard deviation of historical data, mean deviation of forecast errors, and mean deviation of historical data.
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