Deterministic and Probabilistic Single -item inventory Control Models without Shortages

Abstract

This paper projected a new overall probabilistic single-source inventory model. This model is devised to evaluate how the firm can determine the optimum order amount, and the optimum reorder time for every piece to reach the key objective of reducing the estimated overall price. The requirement is a chance variable and the lead. A period is a constant. Calculate the economic order quantity (EOQ) for reducing the overall supply price. Compute the reorder level (ROL) to determine replenishment time with known and unknown demand for inventory items. Calculate and understand the use of buffer stock, safety stock, and reserve stock with known and unknown stockout costs. Use inventory status systems . Calculate EOQ when quantity discounts are available.