-
Comparative Study of Inventory Models to Lower Overall Inventory Cost
Kamal Kumar1, Sangeeta Devi2, Pratiksha Tiwari3
Abstract:
In the majority of industrial settings, demand is erratic and difficult to predict. Numerous demand histories exhibit random walk characteristics, changing often in both direction and rate of rise or drop over time.Demand is erratic and testing to forecast in the majority of industrial environments. Others call for History behaves like a random walk that varies its orientation and development or fall rate frequently throughout time. This work takes a number of models into consideration, including lot-by-lot obtaining, purchasing through economic order quantities, purchasing byepisodic order quantities, purchasing through the least unit costs, the least total costs, the least epoch costs, purchasing using Wagner-Whitin algorithms, etc.The results of using each model aimed at different lengths of time are shown. From the results, it is clear that the periodical order quantity technique is stable over a long period of time.