Date of Award

5-2023

Document Type

Thesis

Degree Name

Master of Science (MS)

Department

Mechanical and Civil Engineering

First Advisor

Mary Ann Gaal

Second Advisor

Juan C. Avendano

Third Advisor

Albert M. Bleakley

Fourth Advisor

Ashok Pandit

Abstract

According to the Department of Labor Statistics (2022), 20.6% of small businesses fail in their first year of operation, 42.6% fail after five years, and over 62.6% fail by their tenth year. One factor that can affect continued viability is the lack of knowledge and experience among small and medium-sized firms in inventory management. Despite the fact that inventory control is one of these businesses' most ignored management responsibilities, the expense of procuring inventory often accounts for a considerable portion of their budget. Due to poor inventory management or an inability to appropriately supervise their inventory, small firms may have large sums of money stashed away in an accumulation of goods. Most of these small businesses employ manual systems or simple techniques to manage their inventories since they have a limited workforce and frequently occurring skill and knowledge shortages. The possibility of lowering losses due to recording errors and excessive purchases can be addressed by having a step-by-step manual that can assist small businesses in selecting a better inventory management system. Investigating possibilities for a better inventory management system that would result in fewer inventory errors can be done effectively using discrete event simulation. Business owners can use this method and cost projections to get information to help them choose the optimal inventory management strategy for their particular application.

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