(Math - Operations Research): "BASIC MODEL OF INVENTORY CONTROL"
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Hello all. My name is Faisal Hanafi Harahap. I live in Medan, North Sumatera, Indonesia. I am a Math student in North Sumatera University (Universitas Sumatera Utara(USU)).
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This is my first post in this community. I want to share about the "Basic Model of Inventory Control". I studied this material in the Inventory Control class.
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Basic Model of Inventory Control
Assumptions: Demand per time period is deterministic and fixed at D units. The ordering cost for each order is C1 rupiah. The holding cost per unit per time period is C2 rupiah. There is no shortage of supplies. There is no lead time.
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a. Optimum order quantity (Q):
-> Q = √((2xDxC1)/C2)
b. Optimum ordering frequency (F):
-> F = D/Q
c. Minimum total inventory cost (TIC):
-> TIC = ((DxC1)/Q)+((QxC2)/2)
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Source: My lecturer and internet website (I forgot the website)
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Okay guys, that's all I want to share with all of you at this time. What do you think? Correct me if I'm wrong. Please give your feedback in the comments column. Thank you for seeing this post, see my other posts too😉😉...
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STOPNice post Faisal, not bad for a first post. I'm not so familiar with your topic but I'm sure, a lot of people in the system will find it interesting.
Thank you so much