Inventory Management Simulation using a Novel Replenishment Algorithm

Author

Zheng, Xin ; Yu, Hongnian ; Atkins, Anthony

Author_Institution

Staffordshire Univ., Stafford

fYear

2007

fDate

15-17 April 2007

Firstpage

356

Lastpage

361

Abstract

This paper proposes an integrated algorithm for the replenishment of goods for the inventory management of a gift company sharing common resources of multiple products. The integrated algorithm is based on a modified economic order quantity (EOQ) model and includes special processes to deal with resource sharing issues. The different performances of the algorithm using Witness simulation software using various sets of inputs are discussed.

Keywords

digital simulation; goods dispatch data processing; inventory management; manufacturing data processing; order processing; resource allocation; supply chain management; gift company; goods replenishment algorithm; inventory management simulation; modified economic order quantity model; resource sharing; witness simulation software; Assembly; Computational modeling; Containers; Costs; Discrete event simulation; Environmental economics; Inventory management; Mathematical model; Resource management; Software safety; EOQ; SCM; Witness simulation; inventory management; replenishment algorithm;

fLanguage

English

Publisher

ieee

Conference_Titel

Networking, Sensing and Control, 2007 IEEE International Conference on

Conference_Location

London

Print_ISBN

1-4244-1076-2

Electronic_ISBN

1-4244-1076-2

Type

conf

DOI

10.1109/ICNSC.2007.372805

Filename

4239018