Improvement of Inventory Management by Applying Multi-Agent System
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What is Multi-Agent System (MAS) ? To incorporate multiple type of agents of various system. It is a way of designing and implementing a system with the advantage of agent entities. MOTIVATION Multi-agent systems dynamically forecasts the fluctuation of the demand and updates price of its raw material. Hence, Inventory management is derived to respond and adapt to the rapid market changes and the material requirements. OBJECTIVES 1. To keep optimum inventory to meet customer demand. 2. To modify and update inventory dynamically to adapt market environment. METHODOLOGY 1. Collecting data. 2. Implementing ABC analysis. 3. Calculating future demand forecast. 4. Implementing replenishment policy. 5. Analyzing of data.
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- 1. Improvement of Inventory Management By Applying Multi-Agent System SUPERVISED BY Md. Saiful Islam Assistant Professor Department of Industrial Engineering and Management SUBMITTED BY MD. AKIBUL ISLAM Roll: 1411018 MD. MANOARUL AMIN HAWLIDER Roll: 1411031 Khulna University of Engineering & Technology
- 2. What is Multi-Agent System (MAS) ? To incorporate multiple type of agents of various system. It is a way of designing and implementing a system with the advantage of agent entities.
- 3. MOTIVATION Multi-agent systems dynamically forecasts the fluctuation of the demand and updates price of its raw material. Hence, Inventory management is derived to respond and adapt to the rapid market changes and the material requirements.
- 4. OBJECTIVES • To keep optimum inventory to meet customer demand. • To modify and update inventory dynamically to adapt market environment.
- 5. Fabrics Polo Shirt COMPANY PROCEDURES
- 6. Collected data For Fabrics, Demand = 349998 kg per year Ordering cost = 1,44,000 TK Holding cost / Carrying cost = 6 TK Order size by factory = 61,249 kg
- 7. 𝐸𝑂𝑄 = 2𝐷𝑆 𝐻 𝑇𝑂𝑇𝐴𝐿 𝐶𝑂𝑆𝑇 = 𝑄 2 × 𝐻 + 𝐷 𝑄 × 𝑆 The Formulas :
- 8. Calculation: EOQ =1,29,614.44 kg Total cost (without EOQ) = 10,06,606 TK per year Total cost (with EOQ) = 7,77,686.66 TK per year
- 9. 10,06,606 7,77,686.66 TOTAL COST PER YEAR (ORDERING & HOLDING COST) WITHOUT EOQ WITH EOQ TOTAL COST PER YEAR (ORDERING & HOLDING COST) WITHOUT EOQ EOQ
- 10. METHODOLOGY
- 11. 1. Collecting data from the factory
- 13. 3. Future demand forecasting • Naive • Weighted moving average • Single moving average • Exponential smoothing • Techniques for trend The system will use the right forecasting method to adapt market demand on the basis of forecast error. The system will be developed by excel VBA
- 14. 4. Applying replenishment policy By calculating • Economic Order Quantity • Safety stock
- 15. 5. Analysis of data by using the system (VBA)
- 16. Working Progress Tasks Current Status Topic Selected Abstract Incomplete Introduction Completed Objective Completed Methodology Approximately 10% Completed Results Incomplete Conclusions Incomplete