A simulation model for a stochastic inventory system of First-In, First-Out (FIFO) storage queue management

A simulation model for a stochastic inventory system of First-In, First-Out (FIFO) storage queue management

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Article ID: iaor2005857
Country: China
Volume: 3
Issue: 1
Start Page Number: 31
End Page Number: 37
Publication Date: Sep 2003
Journal: Journal of East China Normal University
Authors: , ,
Keywords: queues: applications, simulation: applications
Abstract:

In this paper a model of a stochastic inventory system is created using discrete event simulation. In the model the concept of FIFO storage queue is proposed. Therefore the more realistic dynamic simulation of the inventory system including deterioration can be made to select an optimal (s, S) inventory policy.

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