The spreadsheet (Excel) of a single-period inventory model with stochastic demand can be used as a simulation tool for engineering education or Decision Support System.
Based on spreadsheet techniques and examples described in the following sources:
Albright S. C., & Winston W. L. (2005). Spreadsheet modeling and applications: essentials of practical management science, South-Western Pub.
Albright, S. C. W. C., Winston, W., & Zappe, C. (2010). Data analysis and decision making. Cengage Learning.
Hill, A. V. (2011). The newsvendor problem. White Paper, 57-23.
Lawrence, J. A., & Pasternack, B. A. (2002). Applied management science. Willey, Chichester.
Microsoft. Office Dev Center (2017). Excel performance: Improving calculation per
Features
- Graph of expected profit over order range
- Setting demand parameters of normal distribution
- Basic functionality requires no macros or add-ins
- Convenient change of the inputs
- Visual representation of demand probability distribution
