📄 IJAERD-OJS-2320
A SIMULATION-BASED OPTIMIZATIONFRAMEWORK: A CASE STUDY ON INVENTORYMANAGEMENT
| Author(s) | : | Shelja Maria John, Dr.Ciby Thomas |
| Institution | : | M.tech, Industrial Engineering and Management, Department of Mechanical Engineering, RIT, Kottayam |
| Published In | : | Vol. 4, Issue 5 — May 2017 |
| Page No. | : | 644-650 |
| Domain | : | Engineering |
| Type | : | Research Paper |
| ISSN (Online) | : | 2348-4470 |
| ISSN (Print) | : | 2348-6406 |
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 incurredin any manufacturing company, while increasing the customer service level. The overall impact is a significant increasein the net profit of a company
🕮 How to Cite
Shelja Maria John, Dr.Ciby Thomas, “A SIMULATION-BASED OPTIMIZATIONFRAMEWORK: A CASE STUDY ON INVENTORYMANAGEMENT”, International Journal of Advance Engineering and Research Development (IJAERD), Vol. 4, Issue 5, pp. 644-650, May 2017.
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