COMP 421: Mathematical Modeling and Simulation
The tool of simulation is probably the most useful tool for analyzing problems which arise in real applications which are much too complicated to be analyzed mathematically. One example is the study of inventory control policies. When should the inventory be checked? How many units should be ordered? What are the anticipated consequences of these decisions? We simulate the random character of the demand for the product and the delay in receiving orders of the product. The objective is to provide management with relevant information for constructing an acceptable inventory policy.