Maximum and minimum inventory policy in multi-echelon supply chains. Case study: a pharmaceutical distribution company (Professional paper)
DOI:
https://doi.org/10.5377/nexo.v31i2.6837Keywords:
Min-Max inventory policy, ABC-XYZ classification, Inventory Policy Simulation, Inventory policy optimization, Tabú Search, Scatter SearchAbstract
This research addresses the evaluation of the Min-Max inventory policy for serial supply chains. The study is conducted as a case study in a pharmaceutical distribution enterprise. The inventory policy is tested over the best-selling product of said company. In this study, the inventory policy is evaluated in terms of service level and inventory turn-over. A solution approach from the literature is compared with optimal or near optimal solutions. The optimization methods include, but are not limited to, Tabu Search and Scatter Search algorithms. Experimental results derived from simulations of the inventory policy demonstrate that the solution approach from the literature guarantees a high service level, but presents opportunities of improvement in terms of inventory turn-over.
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