Systems analysis applied to inventory control
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Abstract
There has been a tremendous amount of work done in recent years in the area of inventory control. It is not surprising when one observes that in excess of 100 billion dollars are yearly invested in the inventory of private enterprise alone. So far all of the published literature mainly concerns itself with finding the best policy for a single product in the production-distribution system. A systems approach to the control of inventory is introduced in this paper, where a 'system' is composed of a supplier and the customer(s), making their decisions jointly to minimize the total cost. ...
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Inventory control, Mathematical models