Knowledge-based inventory management in production logistics: A multi-agent approach

Chi Fai Cheung, W. M. Wang, S. K. Kwok

Research output: Journal article publicationJournal articleAcademic researchpeer-review

14 Citations (Scopus)

Abstract

With the rapidly changing market conditions, an accurate and highly dynamic inventory management model is much needed for making an enterprise more predictable to the global competition. However, traditional inventory management in production logistics is inadequate in managing inventories with high fluctuation in demand and value. To establish effective inventory management strategy, this paper presents a knowledge-based inventory management system for active inventory replenishment based on multi-agent dynamic forecasting and knowledge-based system technologies. The system dynamically forecasts the fluctuation of the demand and updates price of its raw materials. Hence, appropriate inventory management strategies are derived to respond and adapt to the rapid market changes and the material requirement. A prototype system has been built and successfully trial implemented in a manufacturing enterprise.
Original languageEnglish
Pages (from-to)299-307
Number of pages9
JournalProceedings of the Institution of Mechanical Engineers, Part B: Journal of Engineering Manufacture
Volume219
Issue number3
DOIs
Publication statusPublished - 1 Mar 2005

Keywords

  • Dynamic forecasting
  • Inventory management
  • Knowledge management
  • Multi-agent technology
  • Production logistics

ASJC Scopus subject areas

  • Mechanical Engineering
  • Industrial and Manufacturing Engineering

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