Management of Finished Products Inventory

Management of Finished Products Inventory


Abstract

Despite having experienced industrialization, Nigerian businesses face a variety of challenges, including the requirement to properly manage inventory in cooperation with production and maintenance departments. The research on this topic is still in its early stages. The purpose of this communication is to show how a system dynamics (SD) approach may be used to improve inventory procedures in connection to factory maintenance engineering. SD, as a technique, demonstrates a deeper understanding of the complexities of inventory cum maintenance dynamics. The SD method was effectively used to model and analyse variables in order to obtain insight and pinpoint the most important elements in industrial organisations' inventory management systems.

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Introduction

In industrial systems, there is increasing demand to reduce costs and make decisions faster. As a result, inventory systems have become more reliant on information technology, as shown by the extraordinary growth of manufacturing clouds and the digitization of industrial data [1]. An inventory system is a complicated system made up of many different components that are all linked together. An inventory system in manufacturing is highly reliant on maintenance, which is in turn dependant on the quantity and effectiveness of maintenance specialists as well as equipment availability.

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Conclusion

Nonetheless, the problem of skill transfer from one specialist to another in a maintenance system was not addressed in this research. As a follow-up research, this issue may be modelled using the SD method. Evaluation of the impact of integrating different maintenance methods on overall equipment effectiveness is another use of an SD methodology in a maintenance system. In order to determine the optimum parametric settings of different variables in a maintenance SD model, a model that combines an SD model with meta-heuristics (evolutionary and swarm algorithms) is needed.


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