Abstract:Constrained multi-item inventory system with variable demands are considered. The demand rates of five selected multi-item - Cowbell, Milo, SMA, Cerelac and Golden Morn were modeled as Weibull, Normal and Lognormal probability distributions respectively with the aid of chi-squared multinomial goodness-of-fit test. The respective probability distributions with estimated location parameters: 491.55, 536.92, 10.5, 2.1926 and 5.3103 were used as the basis of probabilistic inventory models to obtain dynamic EOQ for… Show more
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