Economic disposal quantity of leftovers kept in storage: a Monte Carlo simulation method

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dc.contributor.authorAssis, Rui
dc.contributor.authorMarques, Pedro Carmona
dc.contributor.authorSantos, José Oliveira
dc.contributor.authorVidal, Raphaela
dc.contributor.institutionFaculdade de Engenharia
dc.date.issued2019
dc.descriptionOpen Engineering, 2019
dc.description.abstractThis article describes how to reach an item’s threshold, or in other words, the limit time for it to be re 5 trieved from stock and sold for a different use, as well as the remaining foreseen period for this situation to occur. Once a minimum length, or weight, is reached, left quan tities are more difficult to sell, as demand often exceeds the remaining parts or leftovers. The number of unfulfilled 10 orders increases, as time goes by, until it becomes further cost effective to dispose the leftover and sell it for a lower price and alternative use. A Monte Carlo simulation model was built in order to consider the randomness of future transactions and quantifying consequences providing this 15 way a simple and effective decision-making. KEYWORDS: Decision-making ; Economical Optimization ; Monte-Carlo Simulation ; Stochastic Processen
dc.description.statusNon peer reviewed
dc.formatapplication/pdf
dc.identifier.citationAssis , R , Marques , P C , Santos , J O & Vidal , R 2019 , ' Economic disposal quantity of leftovers kept in storage: a Monte Carlo simulation method ' , Default journal .
dc.identifier.issn1646-3730
dc.language.isoeng
dc.publisherEdições Universitárias Lusófonas
dc.relation.ispartofDefault journal
dc.rightsopenAccess
dc.subjectGESTÃO
dc.subjectGESTÃO DE STOCKS
dc.subjectTOMADA DE DECISÃO
dc.subjectOTIMIZAÇÃO
dc.subjectPROCESSOS ESTOCÁSTICOS
dc.subjectMANAGEMENT
dc.subjectSTOCK MANAGEMENT
dc.subjectDECISION MAKING
dc.subjectOPTIMIZATION
dc.subjectSTOCHASTIC PROCESSES
dc.titleEconomic disposal quantity of leftovers kept in storage: a Monte Carlo simulation methoden
dc.typearticle

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