FORECASTING

FORECASTING
Requirements:
1. Build analytical stock control model/s. What stock control policies do these model/s suggest? State clearly any assumptions you need to make in order to be able to apply these model/s.

2. For each of the policies given (Warnsley Ltd. and Lorrjon Ltd.), build a simulation model. Analyse both policies and recommend for:

i. Warnsley Ltd.: the re-order interval and the desired stock level after satisfying any outstanding orders.
ii. Lorrjon Ltd.: the re-order level and re-order quantity

For each policy, use your model to recommend a system which will provide a 95% service level.

3. Compare and contrast the models and results from (1) and (2) in a report.
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