{"title":"Markov Chains Slash Inventory Costs in Indonesia","authors":"Adinda Chamilia Mishani, Tedjo Sukmono","doi":"10.21070/ijins.v25i4.1184","DOIUrl":null,"url":null,"abstract":"PT. Varia Usaha Beton, facing an 8% decline in 2022 targets due to uncontrolled inventory and a 15,150-ton overstock of sand at its BSP Sayung plant, needed an effective solution. This study applied a Markov chain model with perfect enumeration to optimize sand inventory management. Qualitative data from observations, expert interviews, and company records (2021-2022) and quantitative analysis identified Policy 58 as optimal, reducing excess costs to Rp. 32,463,360 monthly. Implementing improvements in specific overstock states (3, 4, 5, and 6) provides a strategic approach to minimize sand overstock and associated costs. \nHighlight: \n \nInventory Decline: 8% target drop due to uncontrolled inventory in 2022. \nOptimal Policy: Policy 58 reduced monthly excess costs to Rp. 32,463,360. \nStrategic Improvements: Implement changes in states 3, 4, 5, and 6 to manage overstock. \n \n \nKeywoard: Inventory Control, Markov Chain, Perfect Enumeration, Overstock Management, Construction Materials","PeriodicalId":431998,"journal":{"name":"Indonesian Journal of Innovation Studies","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2024-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Indonesian Journal of Innovation Studies","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.21070/ijins.v25i4.1184","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
Abstract
PT. Varia Usaha Beton, facing an 8% decline in 2022 targets due to uncontrolled inventory and a 15,150-ton overstock of sand at its BSP Sayung plant, needed an effective solution. This study applied a Markov chain model with perfect enumeration to optimize sand inventory management. Qualitative data from observations, expert interviews, and company records (2021-2022) and quantitative analysis identified Policy 58 as optimal, reducing excess costs to Rp. 32,463,360 monthly. Implementing improvements in specific overstock states (3, 4, 5, and 6) provides a strategic approach to minimize sand overstock and associated costs.
Highlight:
Inventory Decline: 8% target drop due to uncontrolled inventory in 2022.
Optimal Policy: Policy 58 reduced monthly excess costs to Rp. 32,463,360.
Strategic Improvements: Implement changes in states 3, 4, 5, and 6 to manage overstock.
Keywoard: Inventory Control, Markov Chain, Perfect Enumeration, Overstock Management, Construction Materials
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