Decision Modeling and Analysis

Submit
a six page paper (not including the title and reference pages) on one of the
major topics listed below. Incorporate at least two related scholarly sources:

Topic:Inventory and Inventory
Models

Main Issues in Inventory:

1. Inventory control is
critical to a business’ success, profitability depends largely on inventory.
So, managers need to use inventory models to develop the best inventory policy.

2. Components of an
Inventory Policy

Q = Inventory Order Quantity

R = Inventory Reorder Point

3.
Types of costs in inventory models – holding or carrying costs, order
costs, customer satisfaction costs, procurement or manufacturing costs

4.
Inventory Classifications:

By
process – raw materials, work in progress, finished goods

By
importance – A, B, C

By life
– perishable, nonperishable

Models for Inventory

1. EQO
Model

2.
Production Lot Size Model

3.
Planned shortage model

The paper must (a) identify the main issues in
the chosen area, (b) apply and reference new learning to the chosen area, (c)
build upon class activities or incidents that facilitated learning and
understanding, and (d) present specific current and/or future applications and
relevance to the workplace. The emphasis of the paper should be on modeling application, outcomes, and new
learning.

Requirements of the
Paper

• Must be six double-spaced
  pages in length and formatted according to APA style as outlined in the
  approved APA style guide.
• Must include a
  cover page that includes:

– Title of paper

– Student’s name

– Course name and number

– Instructor’s name

– Date submitted

• Must include an
  introductory paragraph with a succinct thesis statement.
• Must address the topic of
  the paper with critical thought.
• Must conclude with a
  restatement of the thesis and a conclusion paragraph.
• Must
  use at least two scholarly resources from Proquest or JSTOR.
• Must use APA style as
  outlined in the approved APA style guide to document all sources.
• Must include, on the
  final page, a Reference Page that is completed according to APA style as
  outlined in the approved APA style guide.