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Deterministic Inventory System Model

This project presentation summarizes the development of an inventory system with deterministic demand. It will develop an inventory model using a deterministic approach to minimize costs and maximize profits. It will determine the economic order quantity based on parameters like demand rate, holding costs, shortage costs, and ordering costs. A Java program will be implemented to solve the inventory problem using an economic order quantity model and algorithm. The results will accurately determine the optimal time between orders, number of orders, total inventory costs, and minimum inventory costs.

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Alhaji Adamu
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44 views9 pages

Deterministic Inventory System Model

This project presentation summarizes the development of an inventory system with deterministic demand. It will develop an inventory model using a deterministic approach to minimize costs and maximize profits. It will determine the economic order quantity based on parameters like demand rate, holding costs, shortage costs, and ordering costs. A Java program will be implemented to solve the inventory problem using an economic order quantity model and algorithm. The results will accurately determine the optimal time between orders, number of orders, total inventory costs, and minimum inventory costs.

Uploaded by

Alhaji Adamu
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

Project Presentation

ON
Development of an inventory
system with deterministic
demand
Computer Science
Department
IBB UNIVERSITY LAPAI, NIGER STATE

By: Alhaji Adamu Supervisors: Prof E.A Okeyinka/ Mr Aliyu Usman


Introduction

Inventory is a stock of materials either raw or finished


product. It also means a complete list of item such as property, good
in stock, or the content of a building.
Inventory models deals with usable but idle resources such as men,
machines, materials, and money etc.
Inventory models are concerned with two decisions:
1. How much to order(produce purchase) to replenish the
inventory of an items
2. When to order so as to minimize the actual cost.

© computer Science
Problem Statement

It is extremely difficult to formulate a single general inventory

model which takes into account all variations in real systems. In

fact, even if such a model were developed. It may not be

analytically solvable. Thus inventory models are usually developed

for some specific situations.

This project deals with situations in which demand is assumed

to be fixed and completely known. Model for such situations are

called economic lot size models or economic order quantity models.


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Aim and Objectives

The aim of this project is to develop an inventory system with

deterministic demand.

The objectives of this project therefore are:

1. To develop an inventory system using deterministic model.

2. To minimize the (actual or expected cost and maximize profit).

3. To bring about efficiency and effectiveness in an inventory

system.
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Methodology

The Economic Order Quantity (EOQ) was chosen based on the following parameters:
1. R : Number of items required per unit time, that is, demand rate
2. C1: Cost of Holding the item per unit time
3. C2: Shortage cost per item per unit time
4. C3: Ordering Cost per order
5. Q: Number of items ordered in one order
6. T: Interval between orders
7. Im: Number of Items that forms inventory at the beginning of time interval, t.
A program was implemented in Java programming language to solve the
inventory system problem using algorithm, and EOQ model.

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Conceptual framework

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RESULTS

Total Units Supply Per Year (R) The Inventory Holding Cost (C1)

Enter the Inventory Ordering©Cost


comp(C3) The System Results
Conclusion

From the findings, the Economic order quantity has been determined

accurately and efficiently by solving the cost model subjected to some

constraints like optimum time between orders optimum number of

orders/unit time, total inventory cost/unit time and minimum inventory

cost/unit.

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Thank You

© computer Science

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