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Production Management Analysis Using Monte Carlo Method

Author

Listed:
  • Renata Walczak
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.

Suggested Citation

  • Renata Walczak, 2014. "Production Management Analysis Using Monte Carlo Method," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 8(1), pages 1062-1069.
    • Handle: RePEc:isp:journl:v:8:y:2014:i:1:p:1062-1069
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    More about this item

    Keywords

    production management; stochastic optimization; crystal ball;
    All these keywords.

    JEL classification:

    • A - General Economics and Teaching

    Statistics

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