Inventory model with two stocks

Article Abstract:

The problem of formulating an optimal replenishment policy for a two-item inventory is considered. To this end, a model which represents the first stock with a constant deterioration rate and the second item with a random demand function is developed. Consequently, conditions for finding the volume of the first stock that minimizes the overall cost function are derived along with an algorithm for solving the problem in terms of dynamic equations.

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Global inventory control in an academic hospital

Article Abstract:

The EOQ model is extended to develop a simple inventory control model for an academic hospital in the Netherlands. Simulation of the model showed increased service rates in the sterile disposable warehouse (SDW) and central warehouse (CW). The number of supplier-orders fell between 35% to 40% while total inventory value and their corresponding holding costs decreased by 25% for the CW and 5% for the SDW.

Hospitals, Hospital materials management

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