Simulation of Inventory System

5916 WordsDec 20, 201524 Pages
University of Dhaka Department of Management Information systems MBA (Evening) Program Semester : Summer, 2015 Course Name : Simulation and System Modeling (EMIS 521) Instructor : Dr. K. M. Salah Uddin Designation : Associate Professor Prepared by a group consisting of following members: Name | ID No. | Nakib H. Khan | :17-030 | Rokshana Akter | :17-018 | Taslima Parvin | :19-059 | Rezaul Hasan Bhuiyan | :19-075 | Md Anisur Rahman | :20-021 | Md Shahriar Shaon | :21-071 | Date of Submission and Presentation: August 30, 2015 Letter of Transmittal August 30, 2015 Dr. K. M. Salah Uddin Associate Professor Department of Management Information Systems University of Dhaka MBA (Evening) Program…show more content…
Limitations To prepare a term paper various aspects and experiences are needed. But we have faced some barriers for making a complete term paper on the given topic. These barriers or limitations, which hinder our work, are as follows: * Unfamiliarity with real life and business applications of such models. * Inadequate class discussion on this topic. * Non-Availability of study materials. * Lack of direct support in making the term paper. We were placed for only around twenty days of time & with other class work, study and inadequate dedicated time from group members in some cases hindered the preparation of the term paper. The time span was not sufficient enough to learn the entire concept regarding the topic. Therefore, it was a tricky task to carry out the work. TABLE OF CONTENT 1 INTRODUCTION 8 2 ELEMENTS OF INVENTORY MANAGEMENT 8 2.1 THE ROLE OF INVENTORY 8 2.2 DEMAND 9 2.3 INVENTORY COSTS 9 2.3.1 Carrying costs 9 2.3.2 Ordering costs 10 2.3.3 Shortage costs 10 3 INVENTORY CONTROL SYSTEM 10 3.1 CONTINUOUS INVENTORY SYSTEM 11 3.2 PERIODIC INVENTORY SYSTEMS 11 4 ECONOMIC ORDER QUANTITY MODELS 11 5 THE BASIC EOQ MODEL 12 5.1 CARRYING COST 13 5.2 ORDERING COST 14 5.3 TOTAL INVENTORY COST 15 6 EOQ MODEL 16 6.1 THE EOQ MODEL WITH NON INSTANTANEOUS RECEIPT 16 6.2 THE EOQ MODEL WITH SHORTAGES 19 7 QUANTITY DISCOUNTS

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