Document Type

Thesis - Open Access

Award Date

1971

Degree Name

Master of Science (MS)

Department / School

Mechanical Engineering

Abstract

During the last fifteen years there has been a rapid growth of interest in scientific inventory control; the use of mathematical models to obtain rules for operating inventory systems. The subject has attracted such wide interest that today every serious student in the Industrial Engineering and related fields is expected to have had some experience with inventory models. Originally, the development of inventory models had practical applications as an immediate objective. Today, inventory models are being developed at many different levels, ranging from the direct application in practical problems to the development of abstract mathematical models. The earliest derivation of the simple lot size formula was obtained by Ford Harris of the Westinghouse Corporation in 1915. Subsequently, it has been developed and applied independently by many individuals and is often referred to as the "Wilson Formula" after R.H. Wilson, who developed it as an integral part of inventory control procedure which he applied in many organizations. (See more in text)

Library of Congress Subject Headings

Inventories

Format

application/pdf

Number of Pages

59

Publisher

South Dakota State University

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