Develop a stochastic inventory control model: a case study in rubber manufacturing industry

Abstract

The purpose of this research to develop a system for the evaluating and defining of inventory management parameters ofwidely using Purchasing models in polymer rubber manufacturing industry. This paper investigates the application of inventory models in determining stock control in a polymer rubber manufacturing organization. Developing of common data entering and analyzing software like MS excel to perform the task was particularly interested by the research. The paperstarts with an overview ofmain types of purchasing models and also provides a user friendly system for the managing ofthe stock parameters of those models. It shows that there are many opportunities for using descriptive, predictive and prescriptive approaches in all areas of purchasing models by using commonly used software to apply real life situation in practical industrial level. The models were selected by focusing on the actual function from a purely operational and execution perspective in the organizational level for a strategic decision making. Introduced system was featured for easy and user friendly integration of computer aided inventory management which focused in the area ofInventory control and generates the stock management parameters easily. It can be concluded that future researches needs to explore the purchasing models evaluation systems related to enterprise resources planning in practical level which can be applied in a real life situation of an organization. It also can be acknowledged that while using empirical results to inform and improve models has advantages, but there are also drawbacks, which relate to the value, the practical relevance and the generalizability ofthe modelling plus software based approaches.