MGTS $352$ Operations Management

Lab $7$: Simulation for Inventory Management

Learning Objectives:

$$ Develop intuition about inventory systems, including the concepts of orders, $$triggers$$

for orders, leadtime, etc...

$$ Develop understanding of inventory$-$related costs, including fixed ordering costs,

holding costs, and stockout costs

$$ Introduction to a $($min$,$ max$)$ system for inventory management

$$ Practice using functions in excel; exposure to simulation