Stock-and-Flow Simulation Modeling for Assessing Basic Supply Chain Operations

Hristoski, Ilija and Markoska, Ramona and Dimovski, Tome and Rendevski, Nikola and Stojanov, Željko (2019) Stock-and-Flow Simulation Modeling for Assessing Basic Supply Chain Operations. Southeast European Review of Business and Economics (SERBE), 1 (1). pp. 8-24. ISSN 2671-339X

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Official URL: http://eccfp.edu.mk/serbe

Abstract

The supply chain is a backbone of business operations, an indispensable part of every organization, whether small or large. Effective supply chain management (SCM) is one of the most important aspects of running a successful and profitable business, leading to maximizing customer value and achieving a sustainable competitive advantage over the competitors. In the era of omnipresent digitalization, SCM is subject to intensive ICT support that transforms supply chain operations in a profound manner. The aim of the paper is to propose a basic simulation modeling framework suitable for carrying out various analyses vis-à-vis supply chain operations, based on the utilization of continuous stock-and-flow simulations. The resulting simulation model allows one to run various scenarios, making a plethora of ‘what-if’ analyses regarding a number of adjustable input variables. As an example of how digital transformation affects traditional supply chains, it provides a solid basis for further enhancements and inclusion of additional input and output parameters for forecasting purposes.

Item Type: Article
Subjects: Scientific Fields (Frascati) > Natural sciences > Computer and information sciences
Scientific Fields (Frascati) > Social Sciences > Economics and Business
Divisions: Faculty of Economics
Faculty of Information and Communication Technologies
Depositing User: Mr Dimitar Risteski
Date Deposited: 09 Mar 2020 11:00
Last Modified: 09 Mar 2020 11:00
URI: http://eprints.uklo.edu.mk/id/eprint/3989

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