DYNAMIC INVENTORY MODELS: AN ILLUSTRATIVE CASE STUDY

Authors

  • Kris Adendorff Emeritus Professor, University of Pretoria
  • Paul Kruger University of Pretoria

DOI:

https://doi.org/10.7166/25-3-735

Abstract

The study revisits the subject matter of inventory control, a continual part of the activities of wide-ranging organisations internationally. The mathematical model is presented of a particular situation that deals with the regular acquisition of a material required for a production process in a volatile environment of varying demand and fluctuating price. The usual process dynamics are demonstrated against a background of diverse choices of probability density function. The model makes use of Normal and Weibull distributions. 

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Published

2014-11-10

How to Cite

Adendorff, K., & Kruger, P. (2014). DYNAMIC INVENTORY MODELS: AN ILLUSTRATIVE CASE STUDY. The South African Journal of Industrial Engineering, 25(3), 1–8. https://doi.org/10.7166/25-3-735

Issue

Vol. 25 No. 3 (2014)

Section

Feature Articles

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