Inventory policies. The O Noso Lar Simulator

  • Reference: PN-367-E

  • Year: 1993

  • Geographic Setting: España

  • Publication Date: Feb 1, 1995

  • Fecha de edición: Feb 1, 1995

  • Source: IESE (España)

  • Type of Document: Technical Note

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The note introduces several policies used in practice to handle inventory management, from the standard (Q s) and (S, s) systems to the (Q, Q) two bin system. The note presents the concepts of inventory accounting and discusses how to fix de value of the reorder point to ensure a given safety level, defined either in terms of "pos", percent order service -the probability of satisfaying all demand in an order cycle, and in terms of pus, percent unit service- the probability of satisfying demand from stock. The note discusses the use of the O Noso Lar simulator, a HyperCard application to test the policies that can be defined to solve the PE-19 O Noso Lar exercise.