ECLT 5850 Project Course(Draft Outline)

# ECLT 5850 Project Course(Draft Outline) - -Simulation test...

This preview shows pages 1–2. Sign up to view the full content.

ECLT 5850 Project Course - Study of classical inventory management models Outline: (Draft) A. -Introduction of several classical inventory models - Deterministic model - Stochastic model -EOQ,ROP -Newsvendor -JIT -ABC -Master production planning B. -Find Company (By case_ PDF files) -Collect Data C. -Apply models on the case -Excel Calculation Result D. Simulation test -Performance evaluation for every models -Using Forecasting Error evaluation ( what we learn from Supply Chain management) E. -Conclusion for the final choice.

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
Requirement: -Find a company and collect data of its inventory system: ordering cost, holding cost, shortage cost, backlogging, revenue, salvage value, discount rate... -Using the classical inventory model to develop the optimal inventory policy: Deterministic model and stochastic model should be included.
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: -Simulation test: For different type of random demand evaluate your policy. Tools: Excel or Matlab. (Basic knowledge of linear regression). Project team: _ 4 students Explanation: Study of classical inventory management models Maintaining inventories is necessary for any company deling with physical products, e.g., manufactures, wholesalers, and retailers. The costs associated with storing inventory are very large. Scientific inventory management: Formulate the mathematic model. Seek the optimal inventory policy Use a computerized information processing system to maintain a record of the current inventory level. Using the record of current inventory level, apply the optimal inventory policy to replenish inventory. Inventory model: deterministic and stochastic model....
View Full Document

{[ snackBarMessage ]}

### What students are saying

• As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran Temple University Fox School of Business ‘17, Course Hero Intern

• I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana University of Pennsylvania ‘17, Course Hero Intern

• The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

Jill Tulane University ‘16, Course Hero Intern