Raw Material Inventory Optimization for Steel Enterprises Under Price Uncertainty

Hongmei Chu; Suyang Wu; Cong Cheng

Proceedings of the 5th International Conference on Economic Management and Model Engineering, ICEMME 2023, November 17–19, 2023, Beijing, China

Research Article

Raw Material Inventory Optimization for Steel Enterprises Under Price Uncertainty

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@INPROCEEDINGS{10.4108/eai.17-11-2023.2342715,
    author={Hongmei  Chu and Suyang  Wu and Cong  Cheng},
    title={Raw Material Inventory Optimization for Steel Enterprises Under Price Uncertainty},
    proceedings={Proceedings of the 5th International Conference on Economic Management and Model Engineering, ICEMME 2023, November 17--19, 2023, Beijing, China},
    publisher={EAI},
    proceedings_a={ICEMME},
    year={2024},
    month={2},
    keywords={robust optimization price uncertainty inventory management},
    doi={10.4108/eai.17-11-2023.2342715}
}

Hongmei Chu
Suyang Wu
Cong Cheng
Year: 2024
Raw Material Inventory Optimization for Steel Enterprises Under Price Uncertainty
ICEMME
EAI
DOI: 10.4108/eai.17-11-2023.2342715

Hongmei Chu¹, Suyang Wu¹, Cong Cheng¹^,*

1: Hebei University of Technology

*Contact email: ccheng@hebut.edu.cn

Abstract

Due to the uncertainty of raw material prices, procurement and inventory costs account for a large proportion and are difficult to control in steel production. Aiming at the problem of raw material purchase and inventory in iron and steel enterprises with uncertain purchase price, in order to overcome the uncertainty of price and the conservatism of the solution, this paper establishes a robust optimization model for minimizing the total cost of purchase and inventory.

Keywords: robust optimization price uncertainty inventory management

Published: 2024-02-27
Publisher: EAI

: http://dx.doi.org/10.4108/eai.17-11-2023.2342715