Title: Simulating EOQ, Wagner-Whitin, (Q,r) and (s,S) inventory models in a pharmaceutical company: A case study
Authors: Colpaert, Jan
Belien, Jeroen
De Boeck, Liesje
Olyslaegers, Thomas
Van Eeckhout, Mathias
Editors: Cole, Frank
Mallor, Fermin
Omey, Edward
Van Gulck, Stefan
Issue Date: Dec-2009
Publisher: Universidad Pública de Navarra
Host Document: Proceedings of the Seventh International Conference on Simulation in Industry and Services pages:19-35
Conference: International Conference on Simulation in Industry and Services edition:7 location:Brussels date:4 December 2009
Abstract: This paper presents a case study on simulating four well known inventory policies on real-life data of a large pharmaceutical company in Belgium. We describe detailed procedures for applying these policies and calculating the corresponding costs and backorder levels. The results indicate a strong trade-off between costs and backorders with none of the studied policies being dominant or dominated with respect to both costs and backorders. Other results include a measure of the total cost sensitivity to the holding cost percentage and a lower bound on the total costs, provided by applying the Wagner-Whitin model.
ISBN: 978-84-9769-249-6
Publication status: published
KU Leuven publication type: IC
Appears in Collections:Research Center for Operations Management, Leuven
Research Center for Operations Research and Business Statistics (ORSTAT), Leuven
Faculty of Economics and Business (FEB) - miscellaneous
Faculty of Economics and Business (FEB), Campus Brussels - miscellaneous
Research Centre for Quantitative Business Processes, Campus Brussels (-)
Research Centre for Mathematical Economics, Econometrics and Statistics, Campus Brussels (-)

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