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.