Abstract for:Optimizing stock management at the Blood Bank of Iceland

A system dynamics approach was used to optimize the workings of the Blood Bank of Iceland (BBI). At first the main flow charts and feedback loops were identified. Then the available data was analysed to find patterns in both supply and demand of blood stock. The results were used to model the workings of a blood bank and the response to increased demand, depending on the set point stock levels. The results show that the ideal setpoint for the blood bank of Iceland is somewhere around 580-650 units. Afterwards, it was also modeled whether a set point or a forecast is better equipped to minimise blood losses while at the same time keeping up with the demand. It shows that a forecast model requires less units in stock to keep up with demand spikes. It was also shown that the age of units returned to the blood bank by hospitals has a significant effect on both supply quality and the percentage of discarded blood. Lastly, an outlook over further areas of improvement is given