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Journal of Applied Sciences

Year: 2001 | Volume: 1 | Issue: 3 | Page No.: 260-262
DOI: 10.3923/jas.2001.260.262
Mathematical Management of Simple Inventory System
S.M. Seeletse

Abstract: The article discusses optimal inventory policy in a simple business organization that has a known or predictable factors. Optimal inventory policy implies cost saving in inventrory control, and achievement of maximum profits or/and to minimum costs. A mathematical model is used for this purpose and a case study adjusts mathematics (maths) results practically of a business situation. Theoretical optimization (maths optimization) and practical optimization (adjustment of maths results) are compared.

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How to cite this article
S.M. Seeletse , 2001. Mathematical Management of Simple Inventory System. Journal of Applied Sciences, 1: 260-262.

Keywords: inventory control, maximum benefits profits, minimum costs/risks and optimisation

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