Simulation model for inventory optimization of a distributor, based on Monte Carlo Simulation and Genetic Metaheuristic Algorithm

  • Katherine Chicaiza Moncayo Universidad de Guayaquil
  • Alex Gomez Sanchez Universidad de Guayaquil
  • Peter Ruiz Anton Universidad de Guayaquil
  • Lorenzo Cevallos-Torres Universidad de Guayaquil
Keywords: Minimize costs, Genetic Metaheuristic Algorithm, Monte Carlo Simulation, Inventory Management., Minimize costs, Genetic Metaheuristic Algorithm, Monte Carlo Simulation, Inventory Management

Abstract

The purpose of this investigation is to minimize the costs of sales of a distributor, since, not having adequate inventory control, at the end of each monthly period there are too many products stored in the warehouse that become large losses of money. For the realization of this study, there is a history of real data that goes from the whole year 2017 to June 2019, then, from July to December 2019, the daily purchases and sales of the products were simulated through a simulation of the Monte Carlo model, therefore completing the sample necessary for the generation of the results estimated in the year 2020 using the model based on the Genetic Metaheuristic Algorithm. The results obtained through the Metaheuristic Algorithm, the Monte Carlo Simulation Model and the Objective Cost Minimization Function that represent approximately 10% compared to the costs of previous periods

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Published
2019-09-06
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Abstract 211
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How to Cite
Chicaiza Moncayo, K., Gomez Sanchez, A., Ruiz Anton, P., & Cevallos-Torres, L. (2019). Simulation model for inventory optimization of a distributor, based on Monte Carlo Simulation and Genetic Metaheuristic Algorithm. Ecuadorian Science Journal, 3(2), 33-38. https://doi.org/10.46480/esj.3.2.32
Section
Research Paper
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