PRODUCTION MANAGEMENT ANALYSIS USING MONTE CARLO METHOD

Renata Walczak

Economy & Business Journal, 2014, vol. 8, issue 1, 1062-1069

Abstract: The article presents the simulation method assessment of production management model. Input variables and required assumptions for the simulation are defined based on production requirements. For selected variables both data and expert based distributions are determined. The values of production efficiency coefficients are calculated according to variability of various operating parameters. On the basis of simulation results, the probability of achieving required production output is calculated.

Keywords: production management; stochastic optimization; crystal ball (search for similar items in EconPapers)
JEL-codes: A (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:isp:journl:v:8:y:2014:i:1:p:1062-1069

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