Stock Control with Random Opportunities for Replenishment

Abstract

In most stock control systems, stock is replenished by re-ordering either at regular intervals or upon depletion below an agreed level. Situations sometimes arise, however, in which replenishment tends to be governed by the incidence of external opportunities which occur at irregular intervals, usually as a result of a complex schedule of production or distribution. Conventional stock control procedures can then become difficult to operate effectively; this article discusses an alternative procedure which can be used in such circumstances, and shows how optimum control levels may be calculated.

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