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Coyle, J.J.; Bardi, E.J. and Langley, J.C. (2003). The management of Business Logistics: A Supply Chain Perspective. Canada. Thomsom South-Western.

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Article

Application of Inventory Model in Determining Stock Control in an Organization

1Federal University of Technology Owerri Nigeria PMB 1526, Owerri Nigeria

2Department of Statistics, Imo State University PMB 2000, Owerri Nigeria


American Journal of Applied Mathematics and Statistics. 2014, Vol. 2 No. 5, 307-317
DOI: 10.12691/ajams-2-5-3
Copyright © 2014 Science and Education Publishing

Cite this paper:
Hycinth Chukwudi Iwu, Chukwudi J. Ogbonna, Opara Jude, Kalu Georgina Onuma. Application of Inventory Model in Determining Stock Control in an Organization. American Journal of Applied Mathematics and Statistics. 2014; 2(5):307-317. doi: 10.12691/ajams-2-5-3.

Correspondence to: Opara  Jude, Department of Statistics, Imo State University PMB 2000, Owerri Nigeria. Email: judend88@yahoo.com

Abstract

This paper investigates the application of inventory model in determining stock control in an organization. A multi-product Economic Order Quantity model was used to determine the optimal order times. The result of the analysis revealed that J.O. Adimoha's investment does not have a proper inventory management which leads them to sometimes either over stock or under stock. The combination of orders at different time interval was carefully and constantly updated and verified because reorder points and EOQ may change. In conclusion, it was discovered that reorder points often coincides close together.

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