Research Article
Raw Material Inventory Optimization for Steel Enterprises Under Price Uncertainty
@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
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.
Copyright © 2023–2024 EAI