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Tag - Deterministic Inventory Model

Deterministic Inventory Model

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 [...]