Article
ORDER LEVEL OPTIMIZATION IN INVENTORY MANAGEMENT USING ARENA SIMULATION MODEL
DOI: 10.7708/ijtte.2021.11(2).06
11 / 2 / 257-266 Pages
Author(s)
Milica Mitrović - University of Belgrade, Faculty of Transport and Traffic Engineering, Vojvode Stepe 305, 11000 Belgrade, Serbia -
Abstract
By adequately managing inventories, companies adjust demand and supply over time to provide the necessary goods to meet customer requirements and make a profit. A simulation is a great tool for optimizing inventory management by examining system behavior in a variety of settings. This paper presents a simulation model developed in ARENA software to optimize inventory management, i.e. to determine the level of inventory at which it is necessary to order goods for which the system generates minimal total costs.
Number of downloads: 556
Keywords:
simulation;
optimization;
inventory management;
ARENA;
Acknowledgements:
This work is funded by the Ministry of Education, Science and Technological Development of the Republic of Serbia within the project TR 36006 for the period 2011-2020.
References:
Altiok, T.; Melamed, B. 2007. Simulation Modeling and Analysis with ARENA. Elsevier, 435p.
Bratley, P.; Fox, L.B.; Schrage, E.L. 1987. A Guide to Simulation. Springer Science and Business Media, New York. 393p.
Robinson, S. 2008. Conceptual modelling for simulation Part I: definition and requirements, Journal of the Operational Research Society 59(3): 278-290.
Vidović, M. 2020. Lecture material from the course Simulations of logistics systems. University of Belgrade - Faculty of Transportation and Traffic Engineering, Belgrade, Serbia.
Vukićević, S. 1995. Warehouses [In Serbian: Skladišta]. University of Belgrade - Faculty of Transportation and Traffic Engineering, Belgrade, Serbia. 652 p.
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