Date Added: Jan 2011
Inventory models for calculating optimal order quantities and reorder points have been in existence long before the arrival of the computer. When the first Model T Fords were rolling off the assembly line, manufacturers were already reaping the financial benefits of inventory management by determining the most cost effective answers to the questions of When? and How much? Yes long before JIT, TQM, TOC, and MRP, companies were using these same (then unnamed) concepts in managing their production and inventory.