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Application of Economical Order Quantity for Storage and Warehouse Management of Insulate Sheet in Refrigeration Industry |
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| รหัสดีโอไอ | |
| Creator | Sripai Sripanomwan |
| Title | Application of Economical Order Quantity for Storage and Warehouse Management of Insulate Sheet in Refrigeration Industry |
| Contributor | Orawan Choosoongson |
| Publisher | Faculty of Logistics and Digital Supply Chain |
| Publication Year | 2566 |
| Journal Title | Journal of Logistics and Digital Supply Chain |
| Journal Vol. | 1 |
| Journal No. | 2 |
| Page no. | 43-57 |
| Keyword | Economical Order Quantity (EOQ), Warehouse management, Storage management |
| URL Website | https://ph03.tci-thaijo.org/index.php/JLDSC/article/view/708/701 |
| Website title | https://ldsc.nu.ac.th/?p=2726 |
| ISSN | ISSN 2985-0088 (Print) ISSN 2985-0096 (Online) |
| Abstract | This research aims 1) to study the application of Economical Order Quantity (EOQ) and product categorization analysis for storage and inventory management of insulated sheets in the refrigeration industry, 2) to apply the Economical Order Quantity (EOQ) and product categorization analysis for storage and warehouse management of insulate sheet in the refrigeration industry. A mixed-method methodology is combining both quantitative research and operational research. Then, the data was collected from the Enterprise Resource Planning (ERP) system of a company selling insulated sheet products in 2021, involving four departments and 23 employees. The ABC Analysis theory is used to classify products into three groups (A, B, and C) based on their purchase volumes and values. The research findings reveal that grouping products allows for more effective analysis of purchase quantities. Specifically, the Economic Order Quantity (EOQ) model is applied to the A and B groups, demonstrating lower overall costs compared to the current purchasing method. The EOQ model helps optimize inventory management by reducing excess inventory costs. Additionally, the current purchasing method incurs higher inventory costs compared to the EOQ model, with a difference of 1,053,258 THB. Moreover, the research shows a decrease of 3,994 purchase orders per year, resulting in an annual cost reduction of 1,053,258 THB. In conclusion, this research provides insights into the benefits of analyzing cost-saving purchase quantities and categorizing products, showcasing potential cost savings and improvements in inventory management in the refrigeration industry. |
