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ADAMU ALHAJI PROJECT DF SLIDES

This is a project presentation slides with tittle: Development of an inventory system with deterministic demand, by Alhaji Adamu, u17/fns/csc/1124 a graduating student of ibrahim badamasi babangida university lapai, niger state, Nigeria.

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ADAMU ALHAJI PROJECT DF SLIDES

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  1. Project Presentation ON Development of an inventory system with deterministic demand Computer Science Department IBB UNIVERSITY LAPAI, NIGER STATE Supervisors: Prof E.A Okeyinka/ Mr Aliyu Usman Shehu By: Alhaji Adamu

  2. Introduction Inventory is a stock of materials either raw or finished product. It also means a complete list of item such as property, good in stock, or the content of a building. Inventory models deals with usable but idle resources such as men, machines, materials, and money etc. Inventory models are concerned with two decisions: How much to order(produce purchase) to replenish the inventory of an items When to order so as to minimize the actual cost. © computer Science

  3. Problem Statement It is extremely difficult to formulate a single general inventory model which takes into account all variations in real systems. In fact, even if such a model were developed. It may not be analytically solvable. Thus inventory models are usually developed for some specific situations. This project deals with situations in which demand is assumed to be fixed and completely known. Model for such situations are called economic lot size models or economic order quantity models. © computer Science

  4. Aim and Objectives The aim of this project is to develop an inventory system with deterministic demand. The objectivesof this project therefore are: To develop an inventory system using deterministic model. To minimize the (actual or expected cost and maximize profit). To bring about efficiency and effectiveness in an inventory system. © computer Science

  5. Methodology The Economic Order Quantity (EOQ) was chosen based on the following parameters: R : Number of items required per unit time, that is, demand rate C1: Cost of Holding the item per unit time C2: Shortage cost per item per unit time C3: Ordering Cost per order Q: Number of items ordered in one order T: Interval between orders Im: Number of Items that forms inventory at the beginning of time interval, t. A program was implemented in Java programming language to solve the inventory system problem using algorithm, and EOQ model. © computer Science

  6. Conceptual framework © computer Science

  7. RESULTS • The Inventory Holding Cost (C1) • Total Units Supply Per Year (R) • Enter the Inventory Ordering Cost (C3) • The System Results © comp

  8. Conclusion From the findings, the Economic order quantity has been determined accurately and efficiently by solving the cost model subjected to some constraints likeoptimum time between orders optimum number of orders/unit time, total inventory cost/unit time and minimum inventory cost/unit. © computer Science

  9. Thank You © computer Science

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