Define the classical economic order quantity model

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Reference no: EM132334850

Assignment - Operations Research II

Goal: This course is designed to enable students to understand advanced techniques in operations research.

General Objectives: On completion of this course, the diplomates should be able to:

1. Understand the basic concepts of queuing.

2. Understand basic simulation techniques.

3. Understand inventory theory (deterministic models only).

1.1 Explain queueing theory.

1.2 Define basic queueing terminologies (arrival/service times, traffic intensity etc.)

1.3 State the distributions of arrival and service times as poisson and exponential processes

1.4 Define and state the assumptions of a simple (M/M/1) queue

1.5 State and apply the formulae for M/M/1 to practical problems.

1.6 Define and state the assumptions of a double channel, (M/M/2) queue

1.7 State and apply the formulae for M/M/2 to practical problems.

2.1 Define simulation

2.2 State the various simulation techniques

2.3 Explain Monte-Carlo methods

2.4 Apply Monte-Carlo methods to simulation

2.5 Apply computer packages on simulation techniques

3.1 Explain inventory theory

3.2 Define the classical economic order quantity model (EOQ)

3.3 Explain the components of the EOQ and QST models

3.4 Obtain the optional order quantity and, optional time between replenishment by minimizing the cost function and applying partial derivatives.

3.5 Solve simple inventory problems.

3.6 Carry out sensitivity analysis of the classical EOQ model.

3.7 State the cost functions of EOQ with shortages allowed.

3.8 Explain the components in the model stated in 2.7

3.9 Determine the optional order quantity, minimum cost and the inventory level just after replenishment from the model in 2.7.

3.10 Explain the model in 2.7 by the use of a graph.

3.11 Solve some simple problems to illustrate the use of the models in 2.7.

Reference no: EM132334850

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