Abstract

ADENDORFF, K.  and  KRUGER, P.S.. Dynamic inventory models: An illustrative case study. S. Afr. J. Ind. Eng. [online]. 2014, vol.25, n.3, pp.1-8. ISSN 2224-7890.

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.