by Don Johnston | Nov 25, 2018 | Announcements, Inventory Management Basics
I will consider two definitions of service level. One is the probability that the next customer demand will be supplied immediately off the shelf. This definition is often used in theoretical work. It is applicable to both individual items (products) and the entire...
by Don Johnston | Nov 3, 2018 | Announcements, Inventory Management Basics, SIMS
Open source ABC analysis software is now available. For details, click on the “SIMS” tab. For information about ABC analysis, see my article on that subject.
by Don Johnston | Jan 22, 2017 | Forecasting, Inventory Management Basics, Lead Time Reduction, Replenishment
It is easy to reduce investment in inventory if you don’t mind a deterioration in customer service. Likewise, it is easy to provide good customer service if you don’t mind having a large investment in inventory. Good inventory management is concerned with...
by Don Johnston | Dec 26, 2016 | Inventory Management Basics, Replenishment
I have developed an inventory simulation spreadsheet for educational purposes. It provides two facilities which are not provided by the online simulator which is accessed by means of the “Simulator” tab. The additional facilities are graphs and use of your own demand...
by Don Johnston | Nov 1, 2016 | Forecasting, Inventory Management Basics, Lead Time Reduction, Replenishment
This article contains detailed information concerning the online Monte Carlo inventory management simulator which can be accessed by clicking on the “Simulator” tab in the menu at the top of the page. In parts of this article, it will be assumed that the reader has...
by Don Johnston | Sep 10, 2016 | Forecasting, Inventory Management Basics, Replenishment
This article provides an overview of inventory management simulation and its use for testing algorithms. If you want to use a particular algorithm for demand forecasting or reordering then it is desirable to simulate the effects first in order to avoid unpleasant...
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