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Title: Inventory management based on simulation of ordering process
Authors : Heitz, Christoph
Gomez, Claudio
Proceedings: Challenges of globalization for Swiss manufacturing and logistics : proceedings of the 3rd IPLnet workshop, september 9-10, 2003, Ebnat-Kappel, Switzerland
Conference details: IPLnet 2003 Workshop, Institut für Produktions- und Logistiksysteme, Ebnat-Kappel, 9–10 September 2003
Editors of the parent work: Heitz, Christoph
Publisher / Ed. Institution : Zurich University of Applied Sciences Winterthur ZHW
Publisher / Ed. Institution: Winterthur
Issue Date: 2004
License (according to publishing contract) : Licence according to publishing contract
Type of review: Not specified
Language : English
Subject (DDC) : 658.5: Production management
Abstract: Inventory management is one of the key operational functions of a company which, in the context of modern Supply Chain Management schemes, plays an important role both for the company itself and the coordination with the SC partners. Especially the aspect of service level and stockout probability has become critical. Classical methods of inventory management are based on simple analytical formulae which, however, only treat special cases. In this contribution we present a tool for the optimization of inventory management which is based on a simulation of the ordering processes. The full stochastic properties of the ordering process are incorporated which allows an accurate determination of performance measures like service level. With this tool, the determination of cost-minimal inventory parameters (reorder level, reorder quantity) for given stockout probability is easily possible.
Departement: School of Engineering
Organisational Unit: Institute of Data Analysis and Process Design (IDP)
Publication type: Conference Paper
DOI : 10.21256/zhaw-1883
ISBN: 978-3033000599
Appears in Collections:Publikationen School of Engineering

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