Inventory Management of Mother Dairy
[pic]
Indian institute of planning and management
New delhi
SUBJECT
OR
ON inventory management of mother dairy
Submitted By:
Batch:
Phone No.: e-mail: Section:
ABSTRACT
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.
ACKNOWLEDGEMENT
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
Indian institute of planning and management
New delhi
SUBJECT
OR
ON inventory management of mother dairy
Submitted By:
Batch:
Phone No.: e-mail: Section:
ABSTRACT
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.
ACKNOWLEDGEMENT
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