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USING SIMULATION TO DETERMINE THE SAFETY STOCK LEVEL FOR INTERMITTENT DEMAND
Linköping University, Department of Management and Engineering, Production Economics. Linköping University, Faculty of Science & Engineering.
Siemens Ind Turbomachinery, Sweden.
Linköping University, Department of Science and Technology. Linköping University, Faculty of Science & Engineering.
Linköping University, Department of Science and Technology. Linköping University, Faculty of Science & Engineering.
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2017 (English)In: 2017 WINTER SIMULATION CONFERENCE (WSC), IEEE , 2017, p. 3768-3779Conference paper, Published paper (Refereed)
Abstract [en]

Safety stock calculations are difficult for products with intermittent demand, long production lead times, and high monetary values. Theoretically, forecasts can be used to reduce the need for safety stocks. A high precision forecast minimizes the need for safety stock and forecast evaluation measurements can be used to calculate the safety stock level. However, a more realistic determination of safety stock levels can he obtained by simulation. In this paper, simulation is used to model and experiment on a case with three end products in order to determine the relationship between safety stock levels and service levels. Also, a comparison is made with theoretically calculated safety stocks to see how well basic theoretical models for safety stock calculations fulfill the requirements of service level. The result is that simulation can provide a much more accurate determination of safety stock levels for intermittent demands than theoretical calculations.

Place, publisher, year, edition, pages
IEEE , 2017. p. 3768-3779
Series
Winter Simulation Conference Proceedings, ISSN 0891-7736
National Category
Transport Systems and Logistics
Identifiers
URN: urn:nbn:se:liu:diva-148172DOI: 10.1109/WSC.2017.8248089ISI: 000427768603086ISBN: 978-1-5386-3428-8 (print)OAI: oai:DiVA.org:liu-148172DiVA, id: diva2:1212186
Conference
Winter Simulation Conference (WSC)
Available from: 2018-06-01 Created: 2018-06-01 Last updated: 2018-06-01

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Persson, FredrikEdlund, FredrikLanshed, ChristofferLindström, AgnesPersson, Frida
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Production EconomicsFaculty of Science & EngineeringDepartment of Science and TechnologyCommunications and Transport Systems
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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • oxford
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf