Analysis of inventory management models of raw materials in non-deterministic situations for a pharmaceutical company.
Khor, Thomas Si Ming.
Date of Issue2007
Singapore-MIT Alliance Programme
TCG plans to reduce the warehouse space from 3500 to 1500 pallet spaces. A previous study focuses on the raw materials procurement and ordering methods. It classified raw materials into A, B or C in descending order of importance and recommended a just-in-time approach, a continuous review model and a periodic review model respectively. However, the models are limited by assumptions that demands are random and normally distributed, and replenishment lead times are fixed and deterministic. The aim of this thesis is to improve the models by taking into account the actual nondeterministic situations.