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Abstract
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Article Information:
Computer Modelling and Simulation for Inventory Control
G.K. Adegoke, G.I.O. Aimufua and A.J. Jegede
Corresponding Author: G.K. Adegoke
Submitted: September 23, 2011
Accepted: November 04, 2011
Published: July 01, 2012 |
Abstract:
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This study concerns the role of computer simulation as a device for conducting scientific experiments
on inventory control. The stores function utilizes a bulk of physical assets and engages a bulk of financial
resources in a manufacturing outfit therefore there is a need for an efficient inventory control. The reason being
that inventory control reduces cost of production and thereby facilitates the effective and efficient
accomplishment of production objectives of an organization. Some mathematical and statistical models were
used to compute the Economic Order Quantity (EOQ). Test data were gotten from a manufacturing company
and same were simulated. The results generated were used to predict a real life situation and have been
presented and discussed. The language of implementation for the three models is Turbo Pascal due to its
capability, generality and flexibility as a scientific programming language.
Key words: Assets, cost, economic order quantity, manufacturing, production, resources,
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Cite this Reference:
G.K. Adegoke, G.I.O. Aimufua and A.J. Jegede, . Computer Modelling and Simulation for Inventory Control. Research Journal of Applied Sciences, Engineering and Technology, (13): 1828-1832.
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ISSN (Online): 2040-7467
ISSN (Print): 2040-7459 |
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