Essay about Models And Methods Of Inventory Models
In OA3501, Inventory Models, a plethora of tools and models were introduced so Operations Research Supply Managers could clearly optimize on hand material and reduce overall inventory costs. Utilizing these tools efficiently and effectively will balance inventory needs and requirements by minimizing cost to order and hold material. The models and calculations discussed in OA3501 are the foundation for understanding the functionality of all inventory aspects.
During the class, Professor Maher taught nearly fifteen different models and decision making tools for managers to understand, adopt and utilize to further research at school and work. With that in mind, the tools provided were not interactive and didn’t provide much more to the analyst than just specific answers.
Of all models and tools covered in OA3501, an interactive inventory models toolkit was created in excel using the User form. The toolkit contains models for: Inventory Forecasting Simulation, Economic Order Quantity (EOQ) without Backorders, EOQ with Quantity Discounts, Wagner-Whitin and Readiness Spares.
Inventory Forecasting Sim
With an inventory simulation model, leadership can make better decisions and manage inventory and control overhead expenses. This tool will assist managers by ensuring specific inventories are kept in stock. It’s very important that materials stay on the shelf in support of all missions.
The simulation is a 365 day four…