1. Tuning inventory policy parameters in a small chemical company
- Author
-
Garcia-Flores, R, Wang, XZ, and Burgess, TF
- Subjects
Chemical industry -- Production management ,Inventory control -- Production management ,Inventory control -- Analysis ,Business ,Business, general - Abstract
A project to improve inventory management in a small UK chemical company is described. A research group comprising university academics and company managers for logistics and information technology examined current practices and analysed a database of historical records of business operations of the company. Based on the analysis, a scheme to categorise stock and set ordering policies to optimise inventory costs was developed. Some comments are made on process issues and the learning that took place. Keywords: practice of OR; inventory control; forecasting; small and medium enterprises; chemicals; data mining
- Published
- 2003