Track: Reliability

Abstract

Time variances and operating conditions are variables that can complicate dynamic reliability measures and controls within inventory management systems. Proficiency over time when dealing with contingent inventory flow is essential. Sudden delays can hinder inventory movement and weaken the overall reliability and steadfastness of the inventory management system of a company.  This paper introduces a measure that is able to quantify the reliability of an inventory management system. Also a novel, reliability-based, robust optimizations model is being developed to most effectively allocate resources and schedule time, giving consideration to the uncertainty associated with inventory movement. This model is comprised of various processes including: purchasing, shipping, receiving, tracking, warehousing, storing, and turnover.