Our project is an inventory management proposal for North-South Electronics Limited which is a company focusing on innovation and R&D of medical devices. They met a lot of unstable scenarios and required some suggestions for the changes of the sales from 2019 to 2020.
To increase the profit and improve the inventory management of our client, we managed to analyze and predict the optimal order quantity and safe reorder point of the raw materials. Meanwhile, we also applied linear models to make predictions for our products.
We decided to focus on analyzing those products of long lead time. After the data cleaning and the demand analysis, we applied the (Q, r) model for inventory management successfully and used approximations to get the ideal results. Moreover, for trend analysis, we tried several methods and finally applied a library called ‘Segmented’ with R language and provided visualizations for their reference.
- Gao Xin
- Cui Wenqi
- Wang Jiahui
- Chua Cheng En Alex