Indian Journal of Science and Technology

Abstract

Objective: Inventory management is a process of vital importance in any company, currently in Cartagena - Colombia there is a great weakness in small and medium enterprises to plan and control their inventories. This project focuses on modeling for inventory management under an optimization and simulation approach. Method: The research is descriptive type based on ABC methodology, optimization and simulation techniques, which minimizes the gap between the theoretical basis and practice, facilitating a mechanism that leads to the reduction of complexity in the planning and control of inventories, in turn a contribution to decision making from a managerial sphere. Findings: The studied models allow to demonstrate that they are effective at the moment of having to decide on the quantities and the suitable moment for an inventory management, providing criteria of prioritization inside the warehouse, minimizing costs and establishing policies. Improvements: In the case study, the company will bet to the execution of own quantitative techniques of the industrial engineering for the planning and control of its inventories.

Keywords: Decision Making, Inventories, Optimization, Planning and Control, Simulation