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Assessment of stock size to minimize cutting stock production costs

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Title: Assessment of stock size to minimize cutting stock production costs
Authors: Erjavec, J. jure.erjavec@ef.uni-lj.si, Gradisar, M.1 miro.gradisar@ef.uni-lj.si, Trkman, P.1 peter.trkman@ef.uni-lj.si
Source: International Journal of Production Economics. Jan2012, Vol. 135 Issue 1, p170-176. 7p.
Subjects: Inventory control, Industrial costs, Estimation theory, Warehouse management, Simulation methods & models, Cutting stock problem, Cost control, Statistics
Abstract: Abstract: A method for assessing the optimal stock size for the expected order size for a single-period one-dimensional cutting stock problem is proposed. The stock size is optimal when the expected total costs of trim loss, warehousing, and non-fulfilment are minimum. The stock size is the sum of all bar lengths in the stock, and the order size is the sum of shorter bar lengths in various numbers of pieces. Using simulated test cases, a statistical estimation of optimal stock size is conducted, which in our case is approximately 50% above the expected order. The proposed method can help company choose the appropriate level of stock to minimize their total costs. [Copyright &y& Elsevier]
Copyright of International Journal of Production Economics is the property of Elsevier B.V. and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
Database: Engineering Source
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Header DbId: egs
DbLabel: Engineering Source
An: 66944983
AccessLevel: 6
PubType: Academic Journal
PubTypeId: academicJournal
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  Data: Assessment of stock size to minimize cutting stock production costs
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  Data: <searchLink fieldCode="AR" term="%22Erjavec%2C+J%2E%22">Erjavec, J.</searchLink><i> jure.erjavec@ef.uni-lj.si</i><br /><searchLink fieldCode="AR" term="%22Gradisar%2C+M%2E%22">Gradisar, M.</searchLink><relatesTo>1</relatesTo><i> miro.gradisar@ef.uni-lj.si</i><br /><searchLink fieldCode="AR" term="%22Trkman%2C+P%2E%22">Trkman, P.</searchLink><relatesTo>1</relatesTo><i> peter.trkman@ef.uni-lj.si</i>
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  Data: <searchLink fieldCode="JN" term="%22International+Journal+of+Production+Economics%22">International Journal of Production Economics</searchLink>. Jan2012, Vol. 135 Issue 1, p170-176. 7p.
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  Data: <searchLink fieldCode="DE" term="%22Inventory+control%22">Inventory control</searchLink><br /><searchLink fieldCode="DE" term="%22Industrial+costs%22">Industrial costs</searchLink><br /><searchLink fieldCode="DE" term="%22Estimation+theory%22">Estimation theory</searchLink><br /><searchLink fieldCode="DE" term="%22Warehouse+management%22">Warehouse management</searchLink><br /><searchLink fieldCode="DE" term="%22Simulation+methods+%26+models%22">Simulation methods & models</searchLink><br /><searchLink fieldCode="DE" term="%22Cutting+stock+problem%22">Cutting stock problem</searchLink><br /><searchLink fieldCode="DE" term="%22Cost+control%22">Cost control</searchLink><br /><searchLink fieldCode="DE" term="%22Statistics%22">Statistics</searchLink>
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  Data: Abstract: A method for assessing the optimal stock size for the expected order size for a single-period one-dimensional cutting stock problem is proposed. The stock size is optimal when the expected total costs of trim loss, warehousing, and non-fulfilment are minimum. The stock size is the sum of all bar lengths in the stock, and the order size is the sum of shorter bar lengths in various numbers of pieces. Using simulated test cases, a statistical estimation of optimal stock size is conducted, which in our case is approximately 50% above the expected order. The proposed method can help company choose the appropriate level of stock to minimize their total costs. [Copyright &y& Elsevier]
– Name: AbstractSuppliedCopyright
  Label:
  Group: Ab
  Data: <i>Copyright of International Journal of Production Economics is the property of Elsevier B.V. and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract.</i> (Copyright applies to all Abstracts.)
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        Value: 10.1016/j.ijpe.2010.10.001
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        Text: English
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        PageCount: 7
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      – SubjectFull: Inventory control
        Type: general
      – SubjectFull: Industrial costs
        Type: general
      – SubjectFull: Estimation theory
        Type: general
      – SubjectFull: Warehouse management
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      – SubjectFull: Simulation methods & models
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      – SubjectFull: Cutting stock problem
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      – SubjectFull: Cost control
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      – SubjectFull: Statistics
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              Text: Jan2012
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