A SIMULATION-BASED OPTIMIZATIONFRAMEWORK: A CASE STUDY ON INVENTORYMANAGEMENT

Authors

  • Shelja Maria John M.tech, Industrial Engineering and Management, Department of Mechanical Engineering, RIT, Kottayam
  • Dr.Ciby Thomas Associate Professor, Department of Mechanical Engineering, RIT, Kottayam

Keywords:

Selectiveinventory control, Reorder level, Reorder quantity

Abstract

The paper propose a simulation-based solution framework for tackling the inventory optimization problem.
The goal is to find appropriate settings of reorder point and order quantity to minimize the average inventory level.
Optimization of inventory management is a useful technique that can be used to decrease the lead time and cost incurred
in any manufacturing company, while increasing the customer service level. The overall impact is a significant increase
in the net profit of a company

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Published

2017-05-25

How to Cite

Shelja Maria John, & Dr.Ciby Thomas. (2017). A SIMULATION-BASED OPTIMIZATIONFRAMEWORK: A CASE STUDY ON INVENTORYMANAGEMENT. International Journal of Advance Engineering and Research Development (IJAERD), 4(5), 644–650. Retrieved from https://ijaerd.org/index.php/IJAERD/article/view/2320

Issue

Vol. 4 No. 5 (2017): Volume 4 Issue 5 May 2017

Section

Articles