SIMULATION IN INVENTORY MANAGEMENT

Aleksandra Marcikic and Boris Radovanov
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Aleksandra Marcikic: Faculty of Economics Subotica University of Novi Sad, Serbia
Boris Radovanov: Faculty of Economics Subotica University of Novi Sad, Serbia

Perspectives of Innovation in Economics and Business (PIEB), 2009, vol. 3, issue 3, 98-100

Abstract: In this paper inventory management is analyzed as an organic part of the supply chain managing process. In today’s competitive economic environment traditional inventory policies should be improved. Simulation models enable a priori managing and analyzing variety of possible results and implication of selected inventory policies. The model presented in this paper uses the Monte Carlo simulation method and variables taken as random, in order to depict a harmonization and integration of dynamic quantitative analysis and theoretical, qualitative concepts of inventory management.

Keywords: Monte Carlo simulation; modeling; inventory management; supply chain management. (search for similar items in EconPapers)
JEL-codes: C15 C63 (search for similar items in EconPapers)
Date: 2009
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