1.0 INTRODUCTION HISTORICAL BACKGROUND
Inventory problems exist when it is necessary to stock physical goods or commodities for the purpose of consumers demand over a specified time horizon it may be finite or infinite
The control and maintenance of inventories of physical goods are problem that is common to all enterprises in any sector of a given economy. For example, inventory must be maintained in the Agricultural sector, industrial sector, retail establishment, as well as the military. The reason for doing so is that is either physically impossible or economically unreasonable to have good arrive in a given system, precisely when demand for them occur.
In general, customers will not be allowed to wait for long periods of time for their order, for this singular reason the carrying of inventories is necessary to all organizations that supply physical goods to customers.
Two fundamental questions that must be answered in controlling the inventory of any physical goods are “when” to replenish and “how” to order for replenishment.
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