International Journal of Business, Economics, and Social Development
Vol 1, No 2 (2020)

Inventory simulation-optimization model for small business

Yudhia Mulya (Faculty of Economics Pakuan University, Bogor, Indonesia)

Article Info

Publish Date
26 Jun 2020

Abstract

Simulation-optimization inventory models are widely used in inventory management studies, including for perishable good. A good inventory management is required to save inventory cost. We use simulation approach to take into consideration of uncertain demand and lead time to obtain a better result of optimal order quantity that minimizes inventory cost. Simulation result shows that simulation-optimization models generates lower total inventory cost. The simulation provides information of objectives in inventory management: (1) how much to order and (2) when to order with minimum cost which gives valuable information in business decision making.

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Journal Info
International Journal of Business, Economics, and Social Development
Website

Abbrev

ijbesd

Publisher

Research Collaboration Community

Subject

Humanities Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Social Sciences

Description

International Journal of Business, Economics and Social Development (IJBESD) is published 4 (four) times a year and is the flagship journal of the Research Collaboration Community (RCC). It is the aim of IJBESD to present papers which cover the theory, practice, history or methodology of Business, ...