A Procedure for Scheduling Inventory of an Industry by Merging Forecasting and Linear Programming

In this paper, we develop a mathematical model combining forecasting and linear programming for a business organization of Bangladesh to calculate optimum order quantity and inventory cost. We test the model using raw data of the demand for the raw materials and spare inventory for the industry and find out minimum total inventory cost along with ordering cost and inventory holding cost. The developed model make a match between the forecasted demand of raw materials and spare inventory and the minimum total cost of inventory. Finally comparing minimum cost, we observe that our estimated appropriate forecasting method gives optimal inventory cost. Dhaka Univ. J. Sci. 68(1): 65-70, 2020 (January)

• Publication year

  2020

• Venue

  Dhaka University Journal of Science

• Publication date

  2020-01-30

• Fields of study

  Not labeled

• Identifiers
  DOI 10.3329/dujs.v68i1.54598
• External record

  Open on Semantic Scholar

• Source metadata

  Semantic Scholar

• No claims are published for this paper.

• No concepts are published for this paper.

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