Get Instant Help From 5000+ Experts For
Get Instant Help From 5000+ Experts For
  

Deterministic Inventory Model

By HWA | Publish On: May 19, 2010 | Posted In:

Deterministic Inventory Model

Deterministic Inventory Model based on the assumption that all parameters and variable associated with an inventory are known or can be computed with certainty, and that the replenishment lead time is constant and independent of the demand.
Deterministic Inventory Models

This is one of the oldest developments in material management. Ford Harris developed it in 1915 and later R.H. Wilson in 1943, popularized it among researchers and practitioners.

Assumptions of the Model

1. Demand for the inventory is deterministic, i.e., it is known with certainty.

2. Demand rate is constant and known beforehand.

3. All orders are placed in single lot.

4. No stock-out shortages or back orders are allowed.

5. No quantity discount is allowed. Thus, purchase cost per unit is fixed.

6. Lead time is constant and it is independent of demand.

7. Inventory is controlled from one point of the system i.e., in a stockroom or in a warehouse.

About the Company: HelpWithAssignment.com is an online tutoring company. Our network spans 3 continents and several countries. We offer three kinds of services: Assignment Help, Thesis Help and Online Tuitions for students in their college or University.
https://www.helpwithassignment.com/

Book Your Assignment

Drop files here or click to upload.
Or click here to upload

Recent Posts

How To Prepare An Excellent Thesis Defense?

Read More

How to Restate A Thesis? – A Detailed Guide

Read More

Explanatory Thesis: Examples and Guide for Clear Writing

Read More

How To Write 3 Types Of Thesis Statements?

Read More

How to Effectively Prepare for Your Thesis Defense?

Read More

Get assignment help from subject matter experts!

4.7/5 rating | 10,000+ happy students | Great tutors 24/7