ANALYSIS OF MATERIAL REQUIREMENT PLANNING WITH EXPONENTIAL SMOOTHING, ARIMA FORECASTING AND FIXED ORDER QUANTITY METHODS IN OPTIMIZING THE INVENTORY IN GARMENT INDUSTRY

ANALYSIS OF MATERIAL REQUIREMENT PLANNING WITH EXPONENTIAL SMOOTHING, ARIMA FORECASTING AND FIXED ORDER QUANTITY METHODS IN OPTIMIZING THE INVENTORY IN GARMENT INDUSTRY
Author(s):
D. VENU, P. NAGA GANESH, K.N.S. PRASHANTH, M. PAVAN KUMAR, Ch. LOKESH, Ch. SRILATHA
Keywords:
MRP, FOQ, ARIMA, Exponential Smoothing, Demand forecast
Abstract
Developing a Material Requirement Planning (MRP) system specifically for a GARNMENT INDUSTRY. So far, difficulties in controlling raw material inventories which causes problems for the production process. If there is a shortage of raw materials, the production process cannot be carried out, on the contrary if the raw material ordered is too excessive it will cause excess and the high cost of raw material inventory. This analysis develops an information system that can plan the needs of raw materials needed for production. In this system MRP method is used to develop raw material ordering planning systems, case studies at garment companies, Using Auto Regressive Integrated Moving Average (ARIMA) forecasting and fixed order quantity methods (FOQ). This analysis discusses the MRP method with the lot sizing FOQ technique and obtains optimum costs in the supply of raw materials.
Article Details
Unique Paper ID: 158193 Publication Volume & Issue: Volume 9, Issue 9 Page(s): 53 - 64
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