Warehouse sizing and inventory scheduling for multiple stock-keeping products

Authors:
V. V. Petinis;C. D. Tarantilis;C. T. Kiranoudis
Affiliations:
Department of Process Analysis and Plant Design, School of Chemical Engineering, National Technical University of Athens, 15780 Athens, Greece;Department of Management Science & Technology, Athens University of Economics and Business, 11362 Athens, Greece;Department of Process Analysis and Plant Design, School of Chemical Engineering, National Technical University of Athens, 15780 Athens, Greece
Venue:
International Journal of Systems Science
Year:
2005

Citing 3
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Abstract

In this paper, a commercial problem of enterprise logistics nature called multi-product warehouse sizing problem is formulated and solved. The optimal warehouse inventory level and the order points are determined by minimizing the total inventory ordering and holding costs for a specific time period. The problem is formulated as an appropriate mathematical model of NLP nature and solved using appropriate numerical optimization techniques (successive quadratic programming procedures). The entire mathematical background for formulating the problem and finding the optimal solution to it is presented and appropriately addressed. The model is also illustrated with the help of a numerical case study where the sensitivity of the model parameters involved is given through appropriate figures.