South African Journal of Industrial Engineering
versión On-line ISSN 1012-277X
The study revisits the subject matter of inventory control, a continual part of the activities of wide-ranging organisations internationally. The mathematical model is presented of a particular situation that deals with the regular acquisition of a material required for a production process in a volatile environment of varying demand and fluctuating price. The usual process dynamics are demonstrated against a background of diverse choices of probability density function. The model makes use of Normal and Weibull distributions.