ECLT 5850 Project Course(Draft Outline)

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

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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.
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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.
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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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