=====================================================================================
College of Computing and Mathematics
Industrial and Systems Engineering Department
=====================================================================================
Presents a Seminar on
"A Study on the Consignment Stock Strategy for a Controlled Vendor Inventory with Multiple Buyers"
Date: Wednesday, May 11, 2022
Time: 3:00 PM – 3:30 PM
Location: MS Team - Click here to join
Speaker:
Engr. Mohammed Sayad,
M.Sc Student,
Industrial and Systems Engineering Department
Abstract:
The vendor-managed inventory (VMI) represents a multi-company solution to monitor and control supplies of its goods. This article looks at how VMI will demonstrate a promising approach for vendors and customers with a consignment stock (CS) policy. CS enables a supplier with its buyer warehouses to store such stocks or their whole inventory. This work considers a single vendor with many purchasers partnering with VMI on a consignment storage strategy. Buyer cooperation is made possible by making transfers between buyers. These transfers get through the various redistributive hubs whose positions are defined by considering buyers' stock levels and shipping storage capacity. This paper shows that transfers between purchasers will reduce both purchasers' and suppliers' overall costs. There are also numerical examples that demonstrate and talk about their significance. When a genetic algorithm for determining the number of shipments between vendor and buyer is created, the cost function in shipping sizes between buyers and the vendor is convex under certain conditions. The model extended to incorporate transportation cost and account for track capacity for shipment size.
Speaker Bio:
Engr. Mohammed Sayad has received his bachelor's in industrial and system engineering from King Fahd University for petroleum and minerals. Currently, he is a full-time MS. student in the industrial and systems engineering department at KFUPM, Dhahran, Saudi Arabia. His current research interests include Artificial intelligence in health care, Machine learning, and Decision Support Systems for Smart Mobility.
All faculty, researchers and graduate students are invited to attend.
=====================================================================================
Industrial and Systems Engineering Department, College of Computing and Mathematics
Telephone: +966 (13) 860 2988, Email: c-se@kfupm.edu.sa, Website: www.kfupm.edu.sa/departments/se/
Copyright © 2014 King Fahd University of Petroleum & Minerals
=====================================================================================
