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- W2003168466 abstract "In industry it is essential to have the materials needed for production, available at the right times and in the right quantities. Two methods to control material procurement can be found in the literature and in practice: Statistical Inventory Control (SIC), which is part-oriented, ignores the dependency between the demands for the various items, and mainly deals with quantities; and Material Requirements Planning (MRP), which is product-oriented, uses the dependency between the various items given by the product structure, and considers quantity as well as timing of the material procurement. SIC and MRP have both their advantages and drawbacks, as a qualitative comparison easily reveals. A quantitative comparison, however, has not been reported. In this paper (logistic) costs and service levels of SIC and MRP are compared for a simple production-inventory model, in which one finished product is manufactured from two components, and with uncertainty only in the demand for the finished product. This demand, represented by a stationary, uncorrelated stochastic process, remains constant during a given number of periods once its random value is known. The results of this model analysis justify the intuitive preference for MRP: (1) when safety stocks are equal, MRP leads to a higher service level than SIC; (2) the difference is especially evident when safety stocks are small; (3) SIC incurs higher logistics costs than MRP to achieve the same service level. Two probability density functions have been assigned to the demand process: the normal and the logistic density function. They produced numerical results with negligible differences." @default.
- W2003168466 created "2016-06-24" @default.
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- W2003168466 date "1981-04-01" @default.
- W2003168466 modified "2023-09-25" @default.
- W2003168466 title "A comparison of SIC and MRP, two methods for material procurement in industry" @default.
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- W2003168466 doi "https://doi.org/10.1016/0377-2217(81)90306-4" @default.
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