Quantitative Methods in Business
Inventory Model Template Assignment
- Create a personalized typed summary sheet of all of the equations for each of the inventory model techniques. The summary sheet should include:
- The conditions under which the inventory model is applicable.
- A definition of the variables and all of inputs
- The full equations with explanation of the results
- Create a customized template in Excel for each of the inventory models. (Program equations for all of the elements in the model, with headings. Put each inventory model in a separate tab of the Excel Workbook. Each worksheet should be designed with directions on how to input data into the sheet so that a user who did not program the sheet could open the worksheet and use it to solve and inventory problem.
- The customized Excel template should include the following models
- Economic Order Quantity model
- Economic Production Lot Size Model
- Inventory Model with Planned Shortages
- Quantity Discounts for the Economic Order Quantity Model
- Single Period Inventory Model with Probabilistic Demand
- Order-Quantity, Reorder Point Model with Probabilistic Demand
- Show an example problem solution for each inventory model with an explanation of the results. Pick a problem from the book for each model.
- Submit your summary sheets, the excel spreadsheets and your example problems in one file.
