Abstract: In addressing the critical need for enhanced inventory management, this research identifies notable limitations in existing methodologies,
particularly in handling the complexities of item deterioration and ameliorations.
Traditional approaches often overlook the dynamic nature of inventory items,
leading to inefficiencies in prediction and optimization. To bridge this gap,
the proposed study introduces a comprehensive model integrating multiple innovative methods tailored for complex inventory tasks.
The cornerstone of this model is the application of Time Series Analysis using VARMAx,
a method chosen for its proficiency in analyzing historical data on item behavior.
This approach successfully uncovers seasonal variations in item deterioration rates, a key aspect previously unaddressed,
facilitating the development of predictive models with higher accuracy. In parallel, Mixed-Integer Linear Programming (MILP) is
employed to tackle intricate inventory challenges. MILP's ability to manage diverse constraints and decision variables offers a
robust solution for optimizing inventory policies, considering both deterioration and amelioration in real-time scenarios.
Further enriching the model, Agent-Based Modeling (ABM) is utilized to simulate real-world supply chain dynamics.
ABM's focus on individual agents within the system captures emergent behaviors and interactions, leading to practical and adaptable inventory models.
Additionally, Cost-Benefit Analysis (CBA) provides a systematic evaluation of item preservation techniques, guiding businesses towards economically viable decisions.
Here results underscore the impact of the proposed model in revolutionizing inventory management, offering a more precise, efficient, and adaptable approach to
handling the dynamic nature of inventory items. This work not only addresses the current limitations in the field but also sets a new standard for inventory management research and practices.
Authors and Affiliations
Sona Singh Chawda
Research Scholar, Eklavya University Damoh,Madhya Pradesh,India
Dr. Gopi Sao
Head, Department of Mathematics Eklavya University,Damoh,Madhya Pradesh,India, Email: gopisao0104@gmail.com
Dr. Kamlesh Kumar
Department of Mathematics Eklavya University,Damoh,Madhya Pradesh,India,
Sapna Tamrakar
Research Scholar, Eklavya University Damoh,Madhya Pradesh,India
Inventory Management, Time Series Analysis, Mixed-Integer Linear Programming, Agent-Based Modeling, Cost-Benefit Analysis
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Publication Details
Published in : Volume 9 | Issue 1 | March- April 2024
Date of Publication : 25-03-2024
License: This work is licensed under a Creative Commons Attribution 4.0 International License.
Page(s) : 38-50
Manuscript Number : IJSMER202404
Publisher : Rems Publication
ISSN : 2455-6203
Cite This Article :
Sona singh Chawda, Dr. Gopi Sao, Dr.Kamlesh Kumar, Sapna Tamrakar " Model for Advanced Inventory Management Integrating VARMAx, MILP,ABM and CBA ", International Journal of Science Management and Engineering Research (IJSMER), ISSN : 2455-6203, Volume 9 Issue 1, March- 2024 , pp. 38-50.
Available at doi : https://doi.org/ 
Journal URL : https://ejournal.rems.co.in/IJSMER202404 |
