Journal article
An integrated JIT inventory model
International journal of operations & production management, v 15(9), pp 237-244
01 Sep 1995
Featured in Collection : UN Sustainable Development Goals @ Drexel
Abstract
Derives an integrated inventory replenishment model for a buyer
that buys a single product from a vendor that manufactures this item and
delivers it to the former in fixed quantities. It is assumed that both
parties co-operate and exchange information, including cost data, which
is not unheard of in a JIT based partnering relationship, in deriving a
jointly optimal inventory replenishment policy, rather than individually
deriving their own independent policies. Such an approach can result in
significant savings in the joint total relevant cost incurred by both
parties. These savings may be shared in some fair and equitable manner,
so that, from an economic standpoint, both the buyer and the vendor
derive substantive benefits from such an integrated, jointly optimal
policy. Illustrates the model and the related concepts through a simple
numerical example.
Metrics
Details
- Title
- An integrated JIT inventory model
- Creators
- Avijit Banerjee - Department of Management, Drexel University, Philadelphia, Pennsylvania, USASeung-Lae Kim - Department of Management, Drexel University, Philadelphia, Pennsylvania, USA
- Publication Details
- International journal of operations & production management, v 15(9), pp 237-244
- Publisher
- MCB UP Ltd
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Decision Sciences (and Management Information Systems)
- Web of Science ID
- WOS:A1995UK15400016
- Scopus ID
- 2-s2.0-3543067624
- Other Identifier
- 991014878345604721
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- Web of Science research areas
- Management