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)
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
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spelling	my-uthm-ep.64892022-02-06T21:15:50Z Cost optimisation of Malaysia medicine inventory through demand forecasting and nonlinear inventory model 2021-05 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 http://eprints.uthm.edu.my/6489/ http://eprints.uthm.edu.my/6489/1/24p%20DEVY%20MATHELINEA.pdf text en public http://eprints.uthm.edu.my/6489/2/DEVY%20MATHELINEA%20COPYRIGHT%20DECLARATION.pdf text en staffonly http://eprints.uthm.edu.my/6489/3/DEVY%20MATHELINEA%20WATERMARK.pdf text en validuser mphil masters Universiti Tun Hussein Malaysia Fakulti Pengurusan Teknologi dan Perniagaan
institution	Universiti Tun Hussein Onn Malaysia
collection	UTHM Institutional Repository
language	English English English
topic	T Technology (General) T Technology (General)
spellingShingle	T Technology (General) T Technology (General) 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
qualification_name	Master of Philosophy (M.Phil.)
qualification_level	Master's degree
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
granting_institution	Universiti Tun Hussein Malaysia
granting_department	Fakulti Pengurusan Teknologi dan Perniagaan
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
_version_	1747831071822577664

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

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