{"id":97973,"date":"2020-12-31T10:56:42","date_gmt":"2020-12-31T05:26:42","guid":{"rendered":"https:\/\/www.vskills.in\/certification\/tutorial\/?page_id=97973"},"modified":"2024-04-12T14:25:35","modified_gmt":"2024-04-12T08:55:35","slug":"stochastic-analytical-models","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/stochastic-analytical-models\/","title":{"rendered":"Stochastic Analytical Models"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a ref=\"magnificPopup\" href=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2021\/01\/Language-50.png\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"400\" src=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2021\/01\/Language-50.png\" alt=\"Stochastic Analytical Models\" class=\"wp-image-100093\" srcset=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2021\/01\/Language-50.png 750w, https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2021\/01\/Language-50-300x160.png 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/a><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Stochastic Analytical Models<\/strong><\/h3>\n\n\n\n<p>Let&#8217;s learn more about Stochastic Analytical Models. Cohen and Lee (1988) develop a model for establishing a material requirements policy for all materials for every stage in the supply chain production system. In this work, the authors use four different cost-based sub-models (there is one stochastic sub-model for each production stage considered). Each of these sub-models is listed and described below:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Material Control: Establishes material ordering quantities, reorder intervals, and estimated response times for all supply chain facilities, given lead times, fill rates, bills of material, cost data, and production requirements.<\/li><li>Production Control: Determines production lot sizes and lead times for each product, given material response times.<\/li><li>Finished Goods Stockpile (Warehouse): Determines the economic order size and quantity for each product, using cost data, fill rate objectives, production lead times, and demand data.<\/li><li>Distribution: Establishes inventory ordering policies for each distribution facility, based on transportation time requirements, demand data, cost data, network data, and fill rate objectives.<\/li><\/ul>\n\n\n\n<p>Each of these sub-models is based on a minimum-cost objective. In the final computational step, the authors determine approximate optimal ordering policies using a mathematical program, which minimizes the total sum of the costs for each of the four sub-models.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a href=\"https:\/\/www.vskills.in\/practice\/logistics-and-supply-chain\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"150\" src=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2021\/01\/Certified-Core-Java-Developer-4.png\" alt=\"certified logistics and supply chain management free practice test\" class=\"wp-image-99393\" srcset=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2021\/01\/Certified-Core-Java-Developer-4.png 960w, https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2021\/01\/Certified-Core-Java-Developer-4-300x47.png 300w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/figure><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Stochastic Analytical Models Let&#8217;s learn more about Stochastic Analytical Models. Cohen and Lee (1988) develop a model for establishing a material requirements policy for all materials for every stage in the supply chain production system. In this work, the authors use four different cost-based sub-models (there is one stochastic sub-model for each production stage considered)&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-97973","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Stochastic Analytical Models - Tutorial<\/title>\n<meta name=\"description\" content=\"Learn more about Stochastic Analytical Models. validate your skills to become Certified Logistics and Supply Chain Management Professional!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vskills.in\/certification\/tutorial\/stochastic-analytical-models\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stochastic Analytical Models - Tutorial\" \/>\n<meta property=\"og:description\" content=\"Learn more about Stochastic Analytical Models. validate your skills to become Certified Logistics and Supply Chain Management Professional!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.vskills.in\/certification\/tutorial\/stochastic-analytical-models\/\" \/>\n<meta property=\"og:site_name\" content=\"Tutorial\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/vskills.in\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-12T08:55:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2021\/01\/Language-50.png\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/stochastic-analytical-models\/\",\"url\":\"https:\/\/www.vskills.in\/certification\/tutorial\/stochastic-analytical-models\/\",\"name\":\"Stochastic Analytical Models - Tutorial\",\"isPartOf\":{\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/stochastic-analytical-models\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/stochastic-analytical-models\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2021\/01\/Language-50.png\",\"datePublished\":\"2020-12-31T05:26:42+00:00\",\"dateModified\":\"2024-04-12T08:55:35+00:00\",\"description\":\"Learn more about Stochastic Analytical Models. validate your skills to become Certified Logistics and Supply Chain Management Professional!\",\"breadcrumb\":{\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/stochastic-analytical-models\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.vskills.in\/certification\/tutorial\/stochastic-analytical-models\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/stochastic-analytical-models\/#primaryimage\",\"url\":\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2021\/01\/Language-50.png\",\"contentUrl\":\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2021\/01\/Language-50.png\",\"width\":750,\"height\":400},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/stochastic-analytical-models\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.vskills.in\/certification\/tutorial\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Stochastic Analytical Models\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/#website\",\"url\":\"https:\/\/www.vskills.in\/certification\/tutorial\/\",\"name\":\"Tutorial\",\"description\":\"Vskills - A initiative in elearning and certification\",\"publisher\":{\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.vskills.in\/certification\/tutorial\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/#organization\",\"name\":\"Vskills\",\"url\":\"https:\/\/www.vskills.in\/certification\/tutorial\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2017\/07\/vskills-min-logo.jpg\",\"contentUrl\":\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2017\/07\/vskills-min-logo.jpg\",\"width\":73,\"height\":55,\"caption\":\"Vskills\"},\"image\":{\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/vskills.in\/\",\"https:\/\/x.com\/vskills_in\",\"https:\/\/www.linkedin.com\/company-beta\/1371554\/\",\"https:\/\/www.youtube.com\/channel\/UCMWnscxPwRF_PqXo9B7q_Tw\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Stochastic Analytical Models - Tutorial","description":"Learn more about Stochastic Analytical Models. validate your skills to become Certified Logistics and Supply Chain Management Professional!","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.vskills.in\/certification\/tutorial\/stochastic-analytical-models\/","og_locale":"en_US","og_type":"article","og_title":"Stochastic Analytical Models - Tutorial","og_description":"Learn more about Stochastic Analytical Models. validate your skills to become Certified Logistics and Supply Chain Management Professional!","og_url":"https:\/\/www.vskills.in\/certification\/tutorial\/stochastic-analytical-models\/","og_site_name":"Tutorial","article_publisher":"https:\/\/www.facebook.com\/vskills.in\/","article_modified_time":"2024-04-12T08:55:35+00:00","og_image":[{"url":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2021\/01\/Language-50.png","type":"","width":"","height":""}],"twitter_misc":{"Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.vskills.in\/certification\/tutorial\/stochastic-analytical-models\/","url":"https:\/\/www.vskills.in\/certification\/tutorial\/stochastic-analytical-models\/","name":"Stochastic Analytical Models - Tutorial","isPartOf":{"@id":"https:\/\/www.vskills.in\/certification\/tutorial\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.vskills.in\/certification\/tutorial\/stochastic-analytical-models\/#primaryimage"},"image":{"@id":"https:\/\/www.vskills.in\/certification\/tutorial\/stochastic-analytical-models\/#primaryimage"},"thumbnailUrl":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2021\/01\/Language-50.png","datePublished":"2020-12-31T05:26:42+00:00","dateModified":"2024-04-12T08:55:35+00:00","description":"Learn more about Stochastic Analytical Models. validate your skills to become Certified Logistics and Supply Chain Management Professional!","breadcrumb":{"@id":"https:\/\/www.vskills.in\/certification\/tutorial\/stochastic-analytical-models\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.vskills.in\/certification\/tutorial\/stochastic-analytical-models\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.vskills.in\/certification\/tutorial\/stochastic-analytical-models\/#primaryimage","url":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2021\/01\/Language-50.png","contentUrl":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2021\/01\/Language-50.png","width":750,"height":400},{"@type":"BreadcrumbList","@id":"https:\/\/www.vskills.in\/certification\/tutorial\/stochastic-analytical-models\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.vskills.in\/certification\/tutorial\/"},{"@type":"ListItem","position":2,"name":"Stochastic Analytical Models"}]},{"@type":"WebSite","@id":"https:\/\/www.vskills.in\/certification\/tutorial\/#website","url":"https:\/\/www.vskills.in\/certification\/tutorial\/","name":"Tutorial","description":"Vskills - A initiative in elearning and certification","publisher":{"@id":"https:\/\/www.vskills.in\/certification\/tutorial\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.vskills.in\/certification\/tutorial\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.vskills.in\/certification\/tutorial\/#organization","name":"Vskills","url":"https:\/\/www.vskills.in\/certification\/tutorial\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.vskills.in\/certification\/tutorial\/#\/schema\/logo\/image\/","url":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2017\/07\/vskills-min-logo.jpg","contentUrl":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2017\/07\/vskills-min-logo.jpg","width":73,"height":55,"caption":"Vskills"},"image":{"@id":"https:\/\/www.vskills.in\/certification\/tutorial\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/vskills.in\/","https:\/\/x.com\/vskills_in","https:\/\/www.linkedin.com\/company-beta\/1371554\/","https:\/\/www.youtube.com\/channel\/UCMWnscxPwRF_PqXo9B7q_Tw"]}]}},"_links":{"self":[{"href":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-json\/wp\/v2\/pages\/97973","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-json\/wp\/v2\/comments?post=97973"}],"version-history":[{"count":5,"href":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-json\/wp\/v2\/pages\/97973\/revisions"}],"predecessor-version":[{"id":100095,"href":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-json\/wp\/v2\/pages\/97973\/revisions\/100095"}],"wp:attachment":[{"href":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-json\/wp\/v2\/media?parent=97973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-json\/wp\/v2\/categories?post=97973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vskills.in\/certification\/tutorial\/wp-json\/wp\/v2\/tags?post=97973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}