Prof. AMahamani
Dr. K Prahlada Rao
Dr. VPandurangadu
Abstract
Inventory control is a critical problem in the supply chain. The purpose of this paper is to minimize the total inventory cost without forfeiting the service level. Aspreadsheet simulation model is developed for packaging-material inventory control in a real-case study. An attempt has been made to investigate the responses of spreadsheet simulation on the (r, Q) inventory replenishment policy with variable order sizes and reorder points. We examine the existing inventory policy by means of a spread sheet simulation. The simulation results reveal that the proposed policy yields better performance
Keywords- Inventory control, (r, Q) inventory replenishment policy, spreadsheet simulation, supply chain, size of order, reorder point