Simulating a 100% just-in-time economy

Article Abstract:

Simulation experiments comparing the dynamic behavior of a just-in-time (JIT) inventory system and a conventional stocks on hand system are evaluated. A JIT economy can result in better quality control and lower carrying cost. However, it can also result in supply induced disruptions of production. The results show that JIT output had a smaller variance than a conventional economy. When the JIT economy suffered an economic gridlock due to the exhaustion of input supply, the conventional economy also experienced the same situation. A JIT economy is both feasible and more stable.

Analysis, Evaluation, Just in time inventory systems, Just in time systems

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Tracking signals in inventory control systems: a simulation study

Article Abstract:

The analysis of tracking signals in inventory control systems is carried out through a stochastic simulation method that considers cost minimization as the sole criterion. The results of evaluating three such signals in inventory control systems characterized by a multiplicity of items shows that the high\low tracking signal procedures are best when demand pattern is expected to change significantly while the Brown signal applies best when the opposite occurs. The Trigg signal applies when the value of smoothing determinants are essential.

Inventory Control, Research

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