Comparison of joint-order inventory policies: a simulation study of pharma sale data

This paper aims to provide a guideline for inventory policies by comparing their performance using Excel simulation methods. As businesses grapple with demand transformations driven by rapid technological changes and economic shifts, effective inventory management has become crucial. Several innovative inventory policies have emerged, each with unique advantages and trade-offs. Businesses are continually devising novel strategies to efficiently cater to their clients. Despite the practical guidelines offered by modern policies, a comparative framework for selecting the most appropriate policy is needed. This paper offers usage guidelines and recommendations based on a comparative simulation of evolved inventory policies, including the (s, S), the (s, c, S), the Q(s, S) policy, the Q,S policy, and the (Q, S, T) policy. Through this analysis, the paper seeks to equip users with a decision-making framework for navigating the complex landscape of inventory management and also suggest the Q(s, S)T policy, a new enhancement strategy that was created by adapting the existing approach based on simulation observations.