DYNAMIC INVENTORY MODELS: AN ILLUSTRATIVE CASE STUDY

Kris Adendorff, Paul Kruger

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

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Copyright (c) 2015 The South African Journal of Industrial Engineering


ISSN 2224-7890 (on-line) ; ISSN 1012-277X (print)


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