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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....
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This note was uploaded on 04/24/2011 for the course IT 5820 taught by Professor Chen during the Spring '11 term at CUHK.
- Spring '11