ANALYSIS OF OPTIMAL COSTS FOR RESERVES OF SPARE PARTS FOR AGRICULTURAL MACHINES
Managing reserves of spare parts for agricultural machinery in agricultural farms represents one of the most important activities in securing smooth functioning, especially having in mind the imperative of continuous agricultural production. Aims of this study were to show how efficiency of the agr...
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| Format: | Article |
| Language: | English |
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Naučno društvo agrarnih ekonomista Balkana, Beograd; Institut za ekonomiku poljoprivrede, Beograd i Akademija ekonomskih nauka, Bukurešt
2018-01-01
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| Series: | Ekonomika Poljoprivrede (1979) |
| Subjects: | |
| Online Access: | https://www.ea.bg.ac.rs/index.php/EA/article/view/7 |
| _version_ | 1827945811809402880 |
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| author | Marjan Mirčevski Milan Mihajlović Milan Milunović Ivan Milojević Radovan Damnjanović Rade Žugić Miloš Miljković Slobodan Stanojević |
| author_facet | Marjan Mirčevski Milan Mihajlović Milan Milunović Ivan Milojević Radovan Damnjanović Rade Žugić Miloš Miljković Slobodan Stanojević |
| author_sort | Marjan Mirčevski |
| collection | DOAJ |
| description |
Managing reserves of spare parts for agricultural machinery in agricultural farms represents one of the most important activities in securing smooth functioning, especially having in mind the imperative of continuous agricultural production. Aims of this study were to show how efficiency of the agricultural farms as a business subject can be secured by determining timely purchase of spare parts by using a stochastic model of supplies on one side and reduce the time of malfunction of agricultural machinery on the other. Study of optimal inventory level was conducted in agricultural holdings on the territory Banat in 2015 based on data on spare parts purchase and malfunction of agricultural machinery. Acquired data was related to frequency of defects and the need for spare parts, as well as the price of spare parts, where the data was processed with the use of stochastic model of supplies. The optimal number of spare parts for the observed equipment in the observed period was y*=4 with the probability of 85% that this amount of spare parts will be sufficient for all malfunctions on the equipment to be eliminated, while taking a 15% risk that one or two spare parts will be acquired with emergency procurements in case of extraordinary circumstances. The model of managing supplies represented in such a way provides an opportunity to be easily applied in agricultural farms, where the values of an optimal solution would be effectively got with previously chosen values of suitable parameters, thus minimizing total expected costs, which would include fxed costs, expenses caused by unsatisfied requests, where the time of waiting for the observed equipment to be fxed would be taken into account.
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| first_indexed | 2024-03-13T10:49:50Z |
| format | Article |
| id | doaj.art-fae45b4c247e4f6c94b3bbf5adefb6d6 |
| institution | Directory Open Access Journal |
| issn | 0352-3462 2334-8453 |
| language | English |
| last_indexed | 2024-03-13T10:49:50Z |
| publishDate | 2018-01-01 |
| publisher | Naučno društvo agrarnih ekonomista Balkana, Beograd; Institut za ekonomiku poljoprivrede, Beograd i Akademija ekonomskih nauka, Bukurešt |
| record_format | Article |
| series | Ekonomika Poljoprivrede (1979) |
| spelling | doaj.art-fae45b4c247e4f6c94b3bbf5adefb6d62023-05-17T16:57:43ZengNaučno društvo agrarnih ekonomista Balkana, Beograd; Institut za ekonomiku poljoprivrede, Beograd i Akademija ekonomskih nauka, BukureštEkonomika Poljoprivrede (1979)0352-34622334-84532018-01-0165110.5937/ekoPolj1801081MANALYSIS OF OPTIMAL COSTS FOR RESERVES OF SPARE PARTS FOR AGRICULTURAL MACHINESMarjan Mirčevski0Milan Mihajlović1Milan Milunović2Ivan Milojević3Radovan Damnjanović4Rade Žugić5Miloš Miljković6Slobodan Stanojević7Military Medical Academy, Belgrade, BelgradeMilitary Academy, University of Defence, BelgradeBudget Department, Ministry of Defense, BelgradeGeneral Staff of the Serbian Armed Forces, BelgradeGeneral Staff of the Serbian Armed Forces, BelgradeSchool of Economisc and Management Studies, KragujevacMilitary Academy, University of Defence, BelgradeModern Bussines School, Belgrade Managing reserves of spare parts for agricultural machinery in agricultural farms represents one of the most important activities in securing smooth functioning, especially having in mind the imperative of continuous agricultural production. Aims of this study were to show how efficiency of the agricultural farms as a business subject can be secured by determining timely purchase of spare parts by using a stochastic model of supplies on one side and reduce the time of malfunction of agricultural machinery on the other. Study of optimal inventory level was conducted in agricultural holdings on the territory Banat in 2015 based on data on spare parts purchase and malfunction of agricultural machinery. Acquired data was related to frequency of defects and the need for spare parts, as well as the price of spare parts, where the data was processed with the use of stochastic model of supplies. The optimal number of spare parts for the observed equipment in the observed period was y*=4 with the probability of 85% that this amount of spare parts will be sufficient for all malfunctions on the equipment to be eliminated, while taking a 15% risk that one or two spare parts will be acquired with emergency procurements in case of extraordinary circumstances. The model of managing supplies represented in such a way provides an opportunity to be easily applied in agricultural farms, where the values of an optimal solution would be effectively got with previously chosen values of suitable parameters, thus minimizing total expected costs, which would include fxed costs, expenses caused by unsatisfied requests, where the time of waiting for the observed equipment to be fxed would be taken into account. https://www.ea.bg.ac.rs/index.php/EA/article/view/7Stochastic model of supplies, spare parts, agricultural machinery, farm. |
| spellingShingle | Marjan Mirčevski Milan Mihajlović Milan Milunović Ivan Milojević Radovan Damnjanović Rade Žugić Miloš Miljković Slobodan Stanojević ANALYSIS OF OPTIMAL COSTS FOR RESERVES OF SPARE PARTS FOR AGRICULTURAL MACHINES Ekonomika Poljoprivrede (1979) Stochastic model of supplies, spare parts, agricultural machinery, farm. |
| title | ANALYSIS OF OPTIMAL COSTS FOR RESERVES OF SPARE PARTS FOR AGRICULTURAL MACHINES |
| title_full | ANALYSIS OF OPTIMAL COSTS FOR RESERVES OF SPARE PARTS FOR AGRICULTURAL MACHINES |
| title_fullStr | ANALYSIS OF OPTIMAL COSTS FOR RESERVES OF SPARE PARTS FOR AGRICULTURAL MACHINES |
| title_full_unstemmed | ANALYSIS OF OPTIMAL COSTS FOR RESERVES OF SPARE PARTS FOR AGRICULTURAL MACHINES |
| title_short | ANALYSIS OF OPTIMAL COSTS FOR RESERVES OF SPARE PARTS FOR AGRICULTURAL MACHINES |
| title_sort | analysis of optimal costs for reserves of spare parts for agricultural machines |
| topic | Stochastic model of supplies, spare parts, agricultural machinery, farm. |
| url | https://www.ea.bg.ac.rs/index.php/EA/article/view/7 |
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