PRODUCTION MANAGEMENT ANALYSIS USING MONTE CARLO METHOD

Renata Walczak

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Economy & Business 2025, 24th International Conference

17-20 August, Burgas, Bulgaria

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Economy & Business, Volume 8, 2014

PRODUCTION MANAGEMENT ANALYSIS USING MONTE CARLO METHOD

Renata Walczak

Pages: 1062-1069
Published: 29 Aug 2014
Views: 3,504
Downloads: 768

Abstract: The article presents the simulation method assessment of production management model. Input variables and required assumptions for the simulation are defined based on production requirements. For selected variables both data and expert based distributions are determined. The values of production efficiency coefficients are calculated according to variability of various operating parameters. On the basis of simulation results, the probability of achieving required production output is calculated.

Keywords: production management, stochastic optimization, crystal ball

Cite this article: Renata Walczak. PRODUCTION MANAGEMENT ANALYSIS USING MONTE CARLO METHOD. Journal of International Scientific Publications: Economy & Business 8, 1062-1069 (2014). https://www.scientific-publications.net/en/article/1000460/

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