Simulation in inventory management	 Cover Image

Simulation in inventory management
Simulation in inventory management

Author(s): Aleksandra Marcikic, Boris Radovanov
Subject(s): Economy
Published by: Prague Development Center
Keywords: Monte Carlo simulation; modeling; inventory management; supply chain management

Summary/Abstract: In this paper inventory management is analyzed as an organic part of the supply chain managing process. In today’s competitive economic environment traditional inventory policies should be improved. Simulation models enable a priori managing and analyzing variety of possible results and implication of selected inventory policies. The model presented in this paper uses the Monte Carlo simulation method and variables taken as random, in order to depict a harmonization and integration of dynamic quantitative analysis and theoretical, qualitative concepts of inventory management.

  • Issue Year: 3/2009
  • Issue No: 3
  • Page Range: 98-100
  • Page Count: 3
  • Language: English