Application of Monte Carlo Simulation Technique in Whole Sale Fruits Purchase by Dealers
T. Venugopal1, S. Indira Priyadarshini2
1T. Venugopal, Professor, Department of Mathematics, SCSVMV University, Kanchipuram (Tamil Nadu), India.
2S. Indira Priyadarshini, Research Scholar, Department of Mathematics, SCSVMV University, Kanchipuram (Tamil Nadu), India.
Manuscript received on 28 March 2019 | Revised Manuscript received on 07 April 2019 | Manuscript Published on 27 April 2019 | PP: 849-852 | Volume-7 Issue-6S2 April 2019 | Retrieval Number: F10900476S219/2019©BEIESP
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: This paper is the first in a series of papers on modeling mathematically and optimizing the wholesale Fruit business. It presents a statistical account of the quantum of various Fruits purchased by a dealer on various days over a year. Monte Carlo Technique in Operation Research is applied to this data to simulate the data for five more years. Then the recommended quantum of Fruits for any random day of the year along with the expected cost is given in the form of tables. This will give the dealer a scientific advice on the quantum of Fruits to be purchased based on experience. The case study has been done in Arakkonam Market. Our research is to build a mathematical model for the entire Fruit wholesale business and to optimize from the points of view of Dealer, Retailer, and Customer.
Keywords: Monte Carlo Simulations, Operation Research.
Scope of the Article: Digital Clone or Simulation