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Comparing Inventory Management Techniques with Hannah's Shop
Join Dr Alan Barnard and Tracy Cheetham for an overview of the Goldratt Research Lab simulation platform, Hannah's Shop. This simulation tests the financial impact of different inventory management techniques under the same set of conditions. The three techniques in question are Min-Max, EOQ and DDMRP. The settings and conditions can be adjusted and configured to mimic different and changing real world environments. Access to the teaching material on how to use the simulation and the software will be made available for the project. The detailed inventory dynamic graphs and event logs will allow students to discover why traditional inventory management rules like Min-Max and EOQ can cause avoidable shortages and surpluses. And secondly, how much better, in both operational and financial impact terms, DDMRP can do. The simulation includes help on terminology with definitions.
The simulation has three learning objectives.
1. To help students discover how Min-Max and EOQ are similar but different, and why both policies, in real world conditions, often results in avoidable shortages and surpluses.
2. To demonstrate how much better a store or DC could perform in both operational and financial terms by implementing DDMRP policies.
3. To discover even DDMRP sometimes causes avoidable shortages and surpluses and students will be able, through modeling, to decide which DDMRP policy parameters to modify that could reduce or even prevent remaining shortages or surpluses

Jul 13, 2020 12:30 PM in Eastern Time (US and Canada)

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