Material Requirements Planning: The New Way of Life in Production and Inventory Management
Material Requirements Planning: The New Way of Life in Production and Inventory Management
The use of simulation in the design of an inventory control system
WSC '78 Proceedings of the 10th conference on Winter simulation - Volume 2
The use of simulation in the design of an inventory control system
ACM SIGSIM Simulation Digest
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This paper presents a simulation-based comparative analysis of several of the more prominent inventory lot-sizing models under multivariate stochastic conditions. Specifically included as stochastic system variables are lead time variation, demand forecast error, and inflation rate. The six rules, classic EOQ, periodic order quantity, least unit cost, part-period balancing, lot for lot, and Wagner-Whitin, are adjusted to deal with a dynamic situation. Each dynamic lot-sizing rule was simulated for a period of three years with each stochastic variable introduced at three levels. The results were then analyzed on the basis of a complete factorial design and, secondly, as a series of randomized block designs.