Spreadsheet Models for Managers
Getting Access to Spreadsheet Models for Managers
If 
you use Excel to model businesses, business processes, or
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Spreadsheet Models for Managers
| Constant demand data | 11/9 Session Links |
This is the data for the graphical example on the previous page- Inventory is replenished every fourth month
- The data show inventory at the start of each month
- Notice: no zeros in the table, but the restock point is zero.
- Average inventory for constant demand:
- If :
then:
Here’s the data that made the previous page’s plot. The result at the bottom above is valid for the average over a cycle for the special case of constant demand with a reorder point of 0.
This is an example of an inventory strategy. In particular, this is a “just-in-time” strategy. Since demand is constant, a just-in-time strategy produces periodic reorders, but if demand were variable and aperiodic, a just-in-time strategy might have aperiodic reorders.
Inventory strategy has received much attention from the more mathematically-oriented management scientists, and it’s central to the study of logistics and supply chain analysis. In recent years, some have even made connections to the science of chaos.
Last Modified: Wednesday, 27-Apr-2016 04:15:26 EDT
Although the assumption of constant demand is critical to justifying the derivation of the formula for Economic Order Quantity, most problems don’t satisfy that requirement in the strict sense. But EOQ is nevertheless a valuable concept in two kinds of circumstances. The first case is when the time scale of the inventory management decisions is much shorter than the time scale of the variations in demand. And the second is when the fluctuations in demand occur much more rapidly than the inventory management decisions.
These two approximations occur repeatedly in modeling problems. Watch for opportunities to apply them elsewhere.