Inventory Analysis Using Monte Carlo Simulation Method and P-Backorder Model of Ascorbic Acid Products at PT X
DOI:
https://doi.org/10.33197/jlscc.v4i2.3148Keywords:
Inventory, Stockout, Monte Carlo, P-Backorder ModelAbstract
Working Standard is a standard used as a standard in analysis in the QC Laboratory. The inventory of Working Standard (WS) Ascorbic Acid in the QC Laboratory of PT X experienced a stockout problem in the past year of 49 bottles due to fluctuations in demand and the absence of an optimal company policy. This study aims to evaluate the existing inventory policy and formulate a more efficient inventory control policy using the Monte Carlo simulation approach and the Probabilistic P Backorder Model method. Monte Carlo simulation is used to estimate future demand based on historical probability distributions, while the P Backorder Model is used to determine the optimal ordering time and calculate the total inventory cost. The results of the study indicate that the total cost of the company's current policy of Rp 3.696.667 can be reduced to Rp 2.963.887 with the proposed approach, resulting in savings of Rp 732.780 or equivalent to 19,8%. The combination of these proposed methods has proven effective in reducing the risk of stock shortages, minimizing unscheduled purchases, and supporting more systematic procurement planning. Thus, the combination of Monte Carlo simulation and the P Backorder Model can be an alternative solution in dealing with the uncertainty of WS Ascorbic Acid demand at the QC Laboratory of PT X.
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