Inventory Management by Simulation Analysis

O MRAKELOERNEST, ONSERIO MRNYAMWANGESTEPHEN. "Inventory Management by Simulation Analysis .". In: Paper presented at the 4TH International Operations Research Society of Eastern Africa (ORSEA) Conference, 2008 on . IBIMA Publishing; 2008.


This paper presents the findings of a study that explored the use of Monte Carlo simulation method to optimally manage inventory in the water equipment industry. The study treated both demand and lead time as stochastic. It proposes an inventory model that will minimize the total inventory costs through simulation analysis while demonstrating how simulation technique can be effectively used to solve inventory management problems




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