Abstract
It has been observed that inventory problems related to too small or very large order quantities may be the reason of failure in business. Optimal inventory management is very essential in order to reduce cost, stock out and meet the uncertain demand continuously. This simulation is done over a maintenance warehouse of facilities management department at Southeast Missouri State University. The problem addressed in this study is the lack of proper inventory management is the reason for excessive cost in the maintenance warehouse of facilities management department at Southeast Missouri State University. Sometimes stock out of lamp occurs which cost extra money due to urgent order made. The purpose of this study is to develop an inventory model of a lamp that will optimize the inventory level and minimize cost and stock out of this lamp of the maintenance warehouse of facilities management department at Southeast Missouri State University, and at the same time meet the uncertain needs or demands of the different departments that arise randomly throughout the year.
Highlights
Inventory management is very important for any organization to meet uncertain needs or demand of the users or customers
Inventory management has received great attention in a way that researchers have been focusing on study of inventory management in presence of supply chain problems, like supply disruption [2]
Problem The problem addressed in this study is the lack of proper inventory management is the reason for excessive cost in the maintenance warehouse of facilities management department at Southeast Missouri State University
Summary
Inventory management is very important for any organization to meet uncertain needs or demand of the users or customers. There should be an optimal inventory level that will minimize the total annual carrying and ordering cost and at the same time minimize cost and meet uncertain demand. The manager is cost conscious and wants economically manage the inventory, for example, timing and quantity of ordering the products [7]. The important terminology in the inventory management system includes: target stock level, demand in a given time frame, lead time, order quantity, and reorder point. The present paper includes the problem that is addressed, high level overview and a description of the maintenance warehouse of facilities management department, source of randomness, arena simulation for the inventory of a lamp of the maintenance.
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
