A Monte Carlo exercise to reduce the excess stock situation in a television factory
Date of Publication
1987
Document Type
Bachelor's Thesis
Degree Name
Bachelor of Science in Applied Mathematics
College
College of Science
Department/Unit
Mathematics and Statistics
Abstract/Summary
This thesis aims to determine the most suitable inventory policy that will give the minimum total cost by finding the optimal amount of goods to order at a time. The Monte Carlo Method, an approach for reconstructing probability distributions based on the selection or generation of random numbers used as inputs for a simulation model, was applied to a television manufacturing firm's inventory sytem. Based on the simulation, a new policy calling for orders of 1,500 units of raw materials every two months was recommended, and its effect against the present policy of ordering 1,200 units of raw materials on a monthly basis was evaluated. The recommended policy, if implemented, will yield a substantial amount of savings to the firm.
Abstract Format
html
Language
English
Format
Accession Number
TU05767
Shelf Location
Archives, The Learning Commons, 12F, Henry Sy Sr. Hall
Physical Description
56 leaves
Keywords
Monte Carlo method; Television industry; Stocks
Recommended Citation
Lopez, M., & Minguez, P. (1987). A Monte Carlo exercise to reduce the excess stock situation in a television factory. Retrieved from https://animorepository.dlsu.edu.ph/etd_bachelors/16000
