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Cost optimisation of Malaysia medicine inventory through demand forecasting and nonlinear inventory model

Managing inventory effectively is important for any organization, especially in the field of health service which plays major role in social development. However, inappropriate handling and management of inventory has the potential to severely hamper the health care services to patients. In view...

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Main Author: Mathelinea, Devy
Format: Thesis
Language:English
English
English
Published: 2021
Subjects:
T Technology (General)
TS155-194 Production management. Operations management
Online Access:http://eprints.uthm.edu.my/6489/1/24p%20DEVY%20MATHELINEA.pdf
http://eprints.uthm.edu.my/6489/2/DEVY%20MATHELINEA%20COPYRIGHT%20DECLARATION.pdf
http://eprints.uthm.edu.my/6489/3/DEVY%20MATHELINEA%20WATERMARK.pdf
http://eprints.uthm.edu.my/6489/
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spelling my.uthm.eprints.64892022-02-06T21:15:50Z http://eprints.uthm.edu.my/6489/ Cost optimisation of Malaysia medicine inventory through demand forecasting and nonlinear inventory model Mathelinea, Devy T Technology (General) TS155-194 Production management. Operations management Managing inventory effectively is important for any organization, especially in the field of health service which plays major role in social development. However, inappropriate handling and management of inventory has the potential to severely hamper the health care services to patients. In view of this issue, practicing a systematic inventory management is very important to achieve the objectives of minimizing the investment in inventory while balancing supply and demand. Therefore, current study proposed and evaluated an inventory control model by integrating nonlinear inventory model, forecasting techniques and decision tree for pharmacies in Malaysia. The forecasting techniques were used to predict the optimum order quantity and nonlinear inventory model applied to minimize the total inventory cost in order to achieve the research objectives. The end result of the inventory control model was evaluated by decision tree analysis. Secondary data were collected from Malaysian Statistics on Medicines reports. The collected data were analyzed by QM for Windows software and Microsoft Excel. This research concluded that forecasting techniques play major role in minimizing the total inventory cost. Furthermore, a nonlinear inventory model was developed based on number of inventory order and applied to the forecasted and actual data to compute total inventory cost. It shows that the nonlinear inventory model and forecasting techniques proposed in this research were very suitable in predicting the budget for drugs in future. Finally, this research is highly potential in providing benefits in terms of business practices and the development of science which provides ideas on inventory system for pharmacies in Malaysia particularly using forecasting techniques and nonlinear inventory model. 2021-05 Thesis NonPeerReviewed text en http://eprints.uthm.edu.my/6489/1/24p%20DEVY%20MATHELINEA.pdf text en http://eprints.uthm.edu.my/6489/2/DEVY%20MATHELINEA%20COPYRIGHT%20DECLARATION.pdf text en http://eprints.uthm.edu.my/6489/3/DEVY%20MATHELINEA%20WATERMARK.pdf Mathelinea, Devy (2021) Cost optimisation of Malaysia medicine inventory through demand forecasting and nonlinear inventory model. Masters thesis, Universiti Tun Hussein Malaysia.
institution Universiti Tun Hussein Onn Malaysia
building UTHM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Tun Hussein Onn Malaysia
content_source UTHM Institutional Repository
url_provider http://eprints.uthm.edu.my/
language English
English
English
topic T Technology (General)
TS155-194 Production management. Operations management
spellingShingle T Technology (General)
TS155-194 Production management. Operations management
Mathelinea, Devy
Cost optimisation of Malaysia medicine inventory through demand forecasting and nonlinear inventory model
description Managing inventory effectively is important for any organization, especially in the field of health service which plays major role in social development. However, inappropriate handling and management of inventory has the potential to severely hamper the health care services to patients. In view of this issue, practicing a systematic inventory management is very important to achieve the objectives of minimizing the investment in inventory while balancing supply and demand. Therefore, current study proposed and evaluated an inventory control model by integrating nonlinear inventory model, forecasting techniques and decision tree for pharmacies in Malaysia. The forecasting techniques were used to predict the optimum order quantity and nonlinear inventory model applied to minimize the total inventory cost in order to achieve the research objectives. The end result of the inventory control model was evaluated by decision tree analysis. Secondary data were collected from Malaysian Statistics on Medicines reports. The collected data were analyzed by QM for Windows software and Microsoft Excel. This research concluded that forecasting techniques play major role in minimizing the total inventory cost. Furthermore, a nonlinear inventory model was developed based on number of inventory order and applied to the forecasted and actual data to compute total inventory cost. It shows that the nonlinear inventory model and forecasting techniques proposed in this research were very suitable in predicting the budget for drugs in future. Finally, this research is highly potential in providing benefits in terms of business practices and the development of science which provides ideas on inventory system for pharmacies in Malaysia particularly using forecasting techniques and nonlinear inventory model.
format Thesis
author Mathelinea, Devy
author_facet Mathelinea, Devy
author_sort Mathelinea, Devy
title Cost optimisation of Malaysia medicine inventory through demand forecasting and nonlinear inventory model
title_short Cost optimisation of Malaysia medicine inventory through demand forecasting and nonlinear inventory model
title_full Cost optimisation of Malaysia medicine inventory through demand forecasting and nonlinear inventory model
title_fullStr Cost optimisation of Malaysia medicine inventory through demand forecasting and nonlinear inventory model
title_full_unstemmed Cost optimisation of Malaysia medicine inventory through demand forecasting and nonlinear inventory model
title_sort cost optimisation of malaysia medicine inventory through demand forecasting and nonlinear inventory model
publishDate 2021
url http://eprints.uthm.edu.my/6489/1/24p%20DEVY%20MATHELINEA.pdf
http://eprints.uthm.edu.my/6489/2/DEVY%20MATHELINEA%20COPYRIGHT%20DECLARATION.pdf
http://eprints.uthm.edu.my/6489/3/DEVY%20MATHELINEA%20WATERMARK.pdf
http://eprints.uthm.edu.my/6489/
_version_ 1738581497574588416
score 13.211869

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