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Mathematics In Production And Inventory Control

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Question:

Discuss About Mathematics In Production And Inventory Control?

 

Answer:

Introducation:

Use of maths in the daily life in order to improve the quality and efficiency of daily life is common. Use of the data can help in the overall development process of better understanding of the subject. The formulas and theories in maths have been used as a part of the practical life can be used in the business companies in order to get better knowledge about the sales and manufacturing unit of the organization. Maths can be used in the production and inventory control process, which is used to determine the expected outcome of the company at the end of each fiscal year. It is important to have a clear idea about the importance of maths and formulas and techniques that are used in the production unit, which will help in the better understating of the subject.

The branch of applied maths is one of the major parts of the modern day industrial department of manufacture that is used for better understanding of the knowledge related to the requirements of the raw materials (Kovar 2016). The complex and sophisticated formulas that are used in the maths can be used in the terms related to business analytics and also help in the process of future production of the manufacturing unit.

 


Reys et al. (2016), have mentioned about the importance of data that are used in the manufacturing unit of an industry. The data that are used in the production unit are used as a part, can be stored as in the latest database. When the data from databases are collected for future reference, the industrial analyst uses the mathematical formulas in order to process and gain knowledge from the data. This data can help the business executives to make plan of the future of a company and also prepare policies for the marketing strategy.  The logistics and the warehouse use the formulas for maths in order to increase the efficiency and thereby have better quality of performance. This process was initiated from the year 1950, which helps in better delivery of products.

According to Pinheiro and Hamacher (2015), the linear programming formulas is used as part of the algorithms and designing techniques for the production unit. All the larger scale business units are making use of the entry level maths formulas, in order to better understanding of the business analysis process.           

With the help of the effective mathematical formulas, it is possible to develop the scientific critical evaluation process of the production unit of an industry. It is important for the stakeholders of the company to understand the importance of the application of scientific evaluation process. In this context, English and David (2015) have stated that the area of mathematical arrangement is an interesting as it helps to combine formulas of maths, statistics along with the values of computer science. The engineering formulas can also be applied in the context that it will help to deal with the matters related to the formulas that are used in the operational management. The problems at the operational level of management can also be resolved with the help of math formulas.

 


The mathematical economics is the department of education, which primarily helps in the areas related to the production unit of the industry. Different formulas of geometry, calculus and algebra can be used in the overall process (Fernandes et al. 2016). One of the major advantages of the use of the mathematical formulas is that it can help in the overall process of understanding the logics and formulation process. The theoretical process of overall understanding of the rigour of the research area can also be defined with the help of the overall process of the further research in the relevant topic. The classical formulas that are used in the overall process can be used to enhance the understanding of the math subject and also have better level of knowledge. There are many random variables that are used in the overall process, which can be a significant part of the overall areas of the process of the formulation that is needed in the production unit. With the help of the mathematical formulas, it is positive to deal with all the random values related to the production unit of an industry (Yu et al. 2014).

 

Inventory Control

With the help of the inventory control, it is possible to control the stock values of a company, which helps to deal with the operational management of a company. It is the duty of most of the company operations, to deal with the subject related to the values of stocks and other sales related matters. With the help of the mathematical formulas, it is possible to deal with most important issues, which are related with the profit level of the company. With the help of the inventory control, uses the formulas of maths and other related matters, which can help to deal with better understandings (Frisch 2014). The term related to stock control system helps to predict the future condition of the market. The theories related to the inventory will have to be dealt with matters related to the operational research of the company. The matters related to the inventory can be dealt with mathematical formulas. The scientific modes of theories related to inventory can be formulated using the mathematical formulas that can help to deal with matters related to inventory control. It is also possible to have a optimal inventory policies that helps to deal with the models related to the inventory practice. The mathematical formulas can also help to deal with matters related to the information processing system, which helps to maintain the records related to the inventory practice. The information of the current inventory practice can help to deal with various investment levels, which is responsible for the application of the various business policies. With the help of mathematical formulas, it is also possible to deal with the replenishment of the inventory. There are mainly two types of model that can be used as the mode of replenishment, which includes stochastic and deterministic model. The mathematical formulas help to estimate the demand of the certain products related to inventory. With the help of information in the inventory unit, it is possible to have decided upon the policies related to the production unit a company. Hence, from the statistical data that is obtained, it is possible to predict the future trends of a company. The demand of a certain products in the market can be predicted with the help of related formulas related to the inventory. The deterministic model needs is used during the time, when the demand can be predicted. On the other hand, in case of the stochastic model, it is not possible to make prediction of the future demand. It can be said in the context that with the help of the mathematical formulas, it is possible to include more parameters of production within the deterministic model (Michalski 2013).

 


With the help of the further research it is possible to explore the application of theoretical formulas of maths in the matters related to the production and inventory. This will help all business organization to predict the future and also deal with the matters related to future sales and also future level of profit.  The cost that may be involved in the overall process of production can also be predicted with the help of the theory equations of maths. The company can also discover ways to enhance the rate of the production unit, which will help in the overall process of manufacture. It is also possible to deal with the matters related to the cost and also ensure that the cost of the production can be reduced with the help of most of the matters related to the increase the level of profits. It is essential for a company to ensure that they produce in the bulk amounts, which can reduce the cost of per unit cost of materials. The cost of thee production thus, can be compromised.

With help of the inventory related matters, it is essential for the perfect application of the mathematical formulas, it is possible to predict the relevant matters related to the stock values of the company. Better application will also help to deal with the future prediction of the stock values of the company.

Hence, it can be said the research work related to the application maths in the production and inventory will help in the matters related to improvement of the business process and also ensure that future of a company is stable as it aims to improve upon the sales record and also ensure that proper data and information are used and processes of securing the future of the company.  

The applications of maths formals and equations can be used to control the overall process of manufacturing and production of a company. The jobs that are dedicated in the inventory control require high level of knowledge in the mathematics department. Spinal degree also need to there in maths in order to perform the branch of the jobs.  

 

Reference

English, Lyn D., and David Kirshner, eds. Handbook of international research in mathematics education. Routledge, 2015.

Fernandes, Filipe Santos. "HISTORY OF SCIENTIFIC AND ACADEMIC PRODUCTION IN MATHEMATICS EDUCATION: REPRESENTATION, INSTITUTION AND POLICY." Philosophy of Mathematics Education Journal 31 (2016).

Frisch, Michael B. "Quality-of-life-inventory." In Encyclopedia of Quality of Life and Well-Being Research, pp. 5374-5377. Springer Netherlands, 2014.

Kovar, Justin. "From Basement Storage to Online Access: Processing and Digitizing the Mathematical Association of America General Mathematics Film Production Elements." Provenance, Journal of the Society of Georgia Archivists 34, no. 1 (2016): 8.

Michalski, Grzegorz. "Value-based inventory management." (2013).

Pinheiro De Oliveira, F., and S. Hamacher. "Programming production refineries using programming mathematics and genetic algorithms (Programação da Produção de Refinarias Utilizando Programação Matemática e Algoritmos Genéticos)." (2015): 239-257.

Reys, Barbara, and Robert Reys. "A Recent History of the Production of Doctorates in Mathematics Education." Notices of the AMs 63, no. 8 (2016).

Yu, Jianjun, Wenguang Liang, and Jing Zha. "Production planning based on mathematics methods and software technology." BioTechnology: An Indian Journal 10, no. 24 (2014)

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