A probabilistic model of inventories by independent demand by using GRASP

  • Jaime Carrasco-Machado Universidad de Guayaquil
  • Antony Macías Ramos Universidad de Guayaquil
  • Ronald Morales-Muñoz Universidad de Guayaquil
Keywords: GRASP algorithm, Monte Carlo simulation, Inventory management, Demand, Metaheuristic

Abstract

The objective of this study is to minimize the unnecessary order expense made by the diaper “The best diaper bag”, due to the low demand that certain products have. This problem arises because the owners have an incorrect perception of the demand for the products, placing orders empirically causing surpluses of these in the establishment and therefore there are monetary losses. To carry out the objective of this study, a methodology will be implemented that involves the application of the algorithm Greedy Randomized Adaptive Search Procedure (GRASP) and Monte Carlo simulation, which will allow estimating how the demand of the products will behave in the year 2020 taking the historical data of the business of the year 2017, 2018, 2019, generating the second half of the year 2019 with the Monte Carlo simulation. Obtaining as a result that simulation and metaheuristic methods give values close to reality, the result was a 19.33% reduction in expenses for 1 product.

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References

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Published
2020-03-22
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How to Cite
Carrasco-Machado, J., Macías Ramos, A., & Morales-Muñoz, R. (2020). A probabilistic model of inventories by independent demand by using GRASP. Ecuadorian Science Journal, 4(1), 26-31. https://doi.org/10.46480/esj.4.1.42
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Research Paper
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