Fuzzy Modeling Approach to On-Hand Stock Levels Estimation in (R, S) Inventory Systems with Lost Sales

[EN] Purpose: One challenge in inventory control models is to know the stock available at the beginning of the cycle to satisfy future demands, i.e. to know the on-hand stock levels at order delivery. For inventory managers, this knowledge is necessary to both determine service levels and establish...

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Detalles Bibliográficos
Autores: Guijarro, Ester|||0000-0003-1988-0397, Babiloni, Eugenia|||0000-0002-7949-3703, Canós-Darós, Lourdes|||0000-0002-9609-2880, Estelles-Miguel, Sofia|||0000-0001-6119-373X, Canós-Darós, María José
Tipo de recurso: artículo
Fecha de publicación:2020
País:España
Institución:Universitat Politècnica de València (UPV)
Repositorio:RiuNet. Repositorio Institucional de la Universitat Politécnica de Valéncia
Idioma:inglés
OAI Identifier:oai:riunet.upv.es:10251/166742
Acceso en línea:https://riunet.upv.es/handle/10251/166742
Access Level:acceso abierto
Palabra clave:Inventory
On-Hand stock
Fuzzy set
Lost sales
Periodic review
ORGANIZACION DE EMPRESAS
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oai_identifier_str oai:riunet.upv.es:10251/166742
network_acronym_str ES
network_name_str España
repository_id_str
dc.title.none.fl_str_mv Fuzzy Modeling Approach to On-Hand Stock Levels Estimation in (R, S) Inventory Systems with Lost Sales
title Fuzzy Modeling Approach to On-Hand Stock Levels Estimation in (R, S) Inventory Systems with Lost Sales
spellingShingle Fuzzy Modeling Approach to On-Hand Stock Levels Estimation in (R, S) Inventory Systems with Lost Sales
Guijarro, Ester|||0000-0003-1988-0397
Inventory
On-Hand stock
Fuzzy set
Lost sales
Periodic review
ORGANIZACION DE EMPRESAS
title_short Fuzzy Modeling Approach to On-Hand Stock Levels Estimation in (R, S) Inventory Systems with Lost Sales
title_full Fuzzy Modeling Approach to On-Hand Stock Levels Estimation in (R, S) Inventory Systems with Lost Sales
title_fullStr Fuzzy Modeling Approach to On-Hand Stock Levels Estimation in (R, S) Inventory Systems with Lost Sales
title_full_unstemmed Fuzzy Modeling Approach to On-Hand Stock Levels Estimation in (R, S) Inventory Systems with Lost Sales
title_sort Fuzzy Modeling Approach to On-Hand Stock Levels Estimation in (R, S) Inventory Systems with Lost Sales
dc.creator.none.fl_str_mv Guijarro, Ester|||0000-0003-1988-0397
Babiloni, Eugenia|||0000-0002-7949-3703
Canós-Darós, Lourdes|||0000-0002-9609-2880
Estelles-Miguel, Sofia|||0000-0001-6119-373X
Canós-Darós, María José
author Guijarro, Ester|||0000-0003-1988-0397
author_facet Guijarro, Ester|||0000-0003-1988-0397
Babiloni, Eugenia|||0000-0002-7949-3703
Canós-Darós, Lourdes|||0000-0002-9609-2880
Estelles-Miguel, Sofia|||0000-0001-6119-373X
Canós-Darós, María José
author_role author
author2 Babiloni, Eugenia|||0000-0002-7949-3703
Canós-Darós, Lourdes|||0000-0002-9609-2880
Estelles-Miguel, Sofia|||0000-0001-6119-373X
Canós-Darós, María José
author2_role author
author
author
author
dc.contributor.none.fl_str_mv Centro de Investigación en Gestión de Empresas (CEGEA)
Departamento de Organización de Empresas
Facultad de Administración y Dirección de Empresas
Grupo de Cluster Innovación
Grupo de Investigación en Reingeniería, Organización, trabajo en Grupo y Logística Empresarial - ROGLE
Generalitat Valenciana
Repositorio Institucional de la Universitat Politècnica de València Riunet
dc.subject.none.fl_str_mv Inventory
On-Hand stock
Fuzzy set
Lost sales
Periodic review
ORGANIZACION DE EMPRESAS
topic Inventory
On-Hand stock
Fuzzy set
Lost sales
Periodic review
ORGANIZACION DE EMPRESAS
description [EN] Purpose: One challenge in inventory control models is to know the stock available at the beginning of the cycle to satisfy future demands, i.e. to know the on-hand stock levels at order delivery. For inventory managers, this knowledge is necessary to both determine service levels and establish the control parameters of the inventory policy. However, the calculation of on-hand stock levels when unfilled demand is lost is mathematically complex since on-hand stock cannot be negative by definition. The purpose of this paper is to propose a new approach to estimate on-hand stock levels when the inventory is periodically reviewed and unfilled demand is lost, through the use of fuzzy techniques. Design/methodology/approach: This paper applies fuzzy set techniques for the calculation of the on-hand stock levels at order delivery in the lost sales context, based on the uncertainty that real demand introduces. To this end, we propose a new approach based on modeling the on-hand stock as an imprecise Markov chain using possibility functions, which reduces significantly the computational effort required to obtain the on-hand stock levels. Findings: To illustrate the performance of the proposed method, two experiments are carried out. The first experiment shows that the proposed fuzzy method correctly calculates on-hand stock levels with insignificant deviation with respect the exact vector. Additionally, the results illustrate that the fuzzy method simplifies the calculation and highly reduces the computational efforts. The second experiment shows the performance of the fuzzy method when it is used to estimate service levels by means of the fill rate. The results show that the proposed method accurately estimates the fill rate with average deviations lower than 0.00015. Practical implications: Knowing the on-hand stock vector is important for inventory managers to establish the control parameters of the system, i.e. to determine the minimum base stock level, S, that guarantees the achievement of a target service level. The difficulty of this estimation is that to obtain the on-hand stock vector in a lost sales context requires a huge computational effort and it is difficult to implement in companies' information systems. However, the proposed fuzzy method leads to a very accurate calculation of the on-hand stock vector significantly reducing the computational costs, which makes this method easily implementable in practical environments. Originality/value: Fuzzy set techniques have been widely used in inventory models to introduce the uncertainty of demand, costs or shortage. However, to the best of our knowledge, this is the first paper which deals directly with fuzzy estimation of on-hand levels.
publishDate 2020
dc.date.none.fl_str_mv 2020
2020-01-01
dc.type.none.fl_str_mv journal article
http://purl.org/coar/resource_type/c_6501
VoR
http://purl.org/coar/version/c_970fb48d4fbd8a85
dc.type.openaire.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv https://riunet.upv.es/handle/10251/166742
url https://riunet.upv.es/handle/10251/166742
dc.language.none.fl_str_mv Inglés
eng
language_invalid_str_mv Inglés
language eng
dc.relation.none.fl_str_mv Generalitat Valenciana https://doi.org/10.13039/501100003359 GV%2F2017%2F032
dc.rights.none.fl_str_mv open access
http://purl.org/coar/access_right/c_abf2
Reconocimiento - No comercial (by-nc)
http://creativecommons.org/licenses/by-nc/4.0/
dc.rights.openaire.fl_str_mv info:eu-repo/semantics/openAccess
rights_invalid_str_mv open access
http://purl.org/coar/access_right/c_abf2
Reconocimiento - No comercial (by-nc)
http://creativecommons.org/licenses/by-nc/4.0/
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Omnia Publisher SL
publisher.none.fl_str_mv Omnia Publisher SL
dc.source.none.fl_str_mv reponame:RiuNet. Repositorio Institucional de la Universitat Politécnica de Valéncia
instname:Universitat Politècnica de València (UPV)
instname_str Universitat Politècnica de València (UPV)
reponame_str RiuNet. Repositorio Institucional de la Universitat Politécnica de Valéncia
collection RiuNet. Repositorio Institucional de la Universitat Politécnica de Valéncia
repository.name.fl_str_mv
repository.mail.fl_str_mv
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spelling Fuzzy Modeling Approach to On-Hand Stock Levels Estimation in (R, S) Inventory Systems with Lost SalesGuijarro, Ester|||0000-0003-1988-0397Babiloni, Eugenia|||0000-0002-7949-3703Canós-Darós, Lourdes|||0000-0002-9609-2880Estelles-Miguel, Sofia|||0000-0001-6119-373XCanós-Darós, María JoséInventoryOn-Hand stockFuzzy setLost salesPeriodic reviewORGANIZACION DE EMPRESAS[EN] Purpose: One challenge in inventory control models is to know the stock available at the beginning of the cycle to satisfy future demands, i.e. to know the on-hand stock levels at order delivery. For inventory managers, this knowledge is necessary to both determine service levels and establish the control parameters of the inventory policy. However, the calculation of on-hand stock levels when unfilled demand is lost is mathematically complex since on-hand stock cannot be negative by definition. The purpose of this paper is to propose a new approach to estimate on-hand stock levels when the inventory is periodically reviewed and unfilled demand is lost, through the use of fuzzy techniques. Design/methodology/approach: This paper applies fuzzy set techniques for the calculation of the on-hand stock levels at order delivery in the lost sales context, based on the uncertainty that real demand introduces. To this end, we propose a new approach based on modeling the on-hand stock as an imprecise Markov chain using possibility functions, which reduces significantly the computational effort required to obtain the on-hand stock levels. Findings: To illustrate the performance of the proposed method, two experiments are carried out. The first experiment shows that the proposed fuzzy method correctly calculates on-hand stock levels with insignificant deviation with respect the exact vector. Additionally, the results illustrate that the fuzzy method simplifies the calculation and highly reduces the computational efforts. The second experiment shows the performance of the fuzzy method when it is used to estimate service levels by means of the fill rate. The results show that the proposed method accurately estimates the fill rate with average deviations lower than 0.00015. Practical implications: Knowing the on-hand stock vector is important for inventory managers to establish the control parameters of the system, i.e. to determine the minimum base stock level, S, that guarantees the achievement of a target service level. The difficulty of this estimation is that to obtain the on-hand stock vector in a lost sales context requires a huge computational effort and it is difficult to implement in companies' information systems. However, the proposed fuzzy method leads to a very accurate calculation of the on-hand stock vector significantly reducing the computational costs, which makes this method easily implementable in practical environments. Originality/value: Fuzzy set techniques have been widely used in inventory models to introduce the uncertainty of demand, costs or shortage. However, to the best of our knowledge, this is the first paper which deals directly with fuzzy estimation of on-hand levels.This work was supported by Generalitat Valenciana under the project with reference GV/2017/032.Omnia Publisher SLCentro de Investigación en Gestión de Empresas (CEGEA)Departamento de Organización de EmpresasFacultad de Administración y Dirección de EmpresasGrupo de Cluster InnovaciónGrupo de Investigación en Reingeniería, Organización, trabajo en Grupo y Logística Empresarial - ROGLEGeneralitat ValencianaRepositorio Institucional de la Universitat Politècnica de València Riunet20202020-01-01journal articlehttp://purl.org/coar/resource_type/c_6501VoRhttp://purl.org/coar/version/c_970fb48d4fbd8a85info:eu-repo/semantics/articleapplication/pdfhttps://riunet.upv.es/handle/10251/166742reponame:RiuNet. Repositorio Institucional de la Universitat Politécnica de Valénciainstname:Universitat Politècnica de València (UPV)InglésengGeneralitat Valenciana https://doi.org/10.13039/501100003359 GV%2F2017%2F032open accesshttp://purl.org/coar/access_right/c_abf2Reconocimiento - No comercial (by-nc) http://creativecommons.org/licenses/by-nc/4.0/info:eu-repo/semantics/openAccessoai:riunet.upv.es:10251/1667422026-06-13T07:49:27Z
score 15,300724

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