Indian institute of planning and management
inventory management of mother dairy
A problem for the Supply System is identifying the proper inventory model for managing a Hazardous Material Minimization Center. This thesis analyzes three recently proposed inventory models: two continuous review economic order quantity (EOQ) inventory models and a periodic review inventory model. Based on this analysis, the authors develop both a continuous review EOQ model and a periodic review model for evaluation. These models differ from the previous ones in that they comprise all of the relevant hazardous material inventory costs including extension of shelf-life. The two new models are then evaluated through the use of simulation. A base set of data was first used in simulating both models. This was then followed by four additional simulated scenarios providing sensitivity analyses of demand-related changes to each model. The thesis' analysis focuses on total variable costs as the primary tool for evaluating the models. The results in all cases were very close, suggesting that it can be left to the inventory managers as to whether to use a continuous review or periodic review model. Additional testing with actual demand data is strongly recommended before any implementation of either model.
Through this acknowledgement I express my sincere gratitude towards all those people who helped me in this project, which has been a learning experience.
I appreciate the co-ordination extended by my friends and also express my sincere thankfulness to the entire faculty members of Indian Institute of Planning & Management, Delhi, giving me the opportunity to do this project/study and also assisting me for the same.
Table of contents
Topic Page No.
1. Abstract 1
2. Acknowledgment 2
4. Theoretical Review/Perspective6
5. Review and Research20
6. New Developments in the Research Area37
7. Topics for further research 38
10. Bibliography 44
INTRODUCTION TO THE TOPIC
Simulation is the imitation of some real thing, state of affairs, or process. The act of simulating something generally entails representing certain key characteristics or behaviours of a selected physical or abstract system. However, the connection between simulation and dissembling later faded out and is now only of linguistic interest. Simulation is used in many contexts, including the modeling of natural systems or human systems in order to gain insight into their functioning. Other contexts include simulation of technology for performance optimization, safety engineering, testing, training and education. Simulation can be used to show the eventual real effects of alternative conditions and courses of action. Key issues in simulation include acquisition of valid source information about the referent, selection of key characteristics and behaviours, the use of simplifying approximations and assumptions within the simulation, and fidelity and validity of the simulation outcomes. Human-in-the-loop simulation of outer space. Visualization of a direct numerical simulation model.Historically, simulations used in different fields developed largely independently, but 20th century studies of Systems theory and Cybernetics combined with spreading use of computers across all those fields have led to some unification and a more systematic view of the concept. Physical simulation refers to simulation in which physical objects are substituted for the real thing (some circles use the term for computer simulations modelling selected laws of physics, but this article doesn't). These...