I need to carryout an inventory optimization of the raw materials that are procured for machining the products. As of now the EOQ(Economic order quantity) is carried out manually and to determine the uncertainities involved in the factors that affect the objective has become challenging. I would just like to know how plantsim predicts and estimates the objective based on the unceratinities of the factors that affects the objective in calculating the EOQ. Does anyone have a reference model just to undertsand the approach for the same.
if you have a model of the inventorythen you can use the Experimentmanager.
The unceratinities resulting from random components of the model are adequately investigated by statistical evaluations.
An example of an inventorymodel is contained in the collection of small examples. The collection can be opened via the Start Page (Example Models) of Plant Simulation.
In the opened dialog please select Category Tools, Topic Experiment Manager, Example Experimental design. The example is described in the manual and in the well-known textbook of Averill M. Law and W. David Kelton.