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An Integrated Inventory Model for a Single Product and its Raw Materials in Just-In-Time Purchasing  

김대홍 (한성대학교 산업 및 기계시스템공학부)
Publication Information
Journal of Korean Society of Industrial and Systems Engineering / v.26, no.3, 2003 , pp. 50-57 More about this Journal
Abstract
In this paper, we consider an integrated inventory system where a single supplier purchases and processes raw materials in order to deliver finished goods to a single buyer for effective implementation of Just-In-Time purchasing. An integrated JIT lot-splitting model of facilitating multiple shipments in small lots is developed in a JIT purchasing environment. Also, an iterative solution procedure is developed to find the order quantity for the finished goods and raw materials, and the number of shipments between buyer and supplier. We show by example that the integrated policy adopted by both buyer and supplier in a cooperative manner can provide them a greater economic benefit than seeking the local optimal inventory policy independently.
Keywords
Supply Chain Management; Integrated Inventory System; JIT Purchasing;
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