Abstract

CHEYBYSHEV POLYNOMIAL TECHNIQUE FOR OPTIMIZING STOCK ALLOCATION

Chikwendu, C.R. and Emenonye, C.E.

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The dire need for optimum distribution of goods and services from manufacturers to satisfy demand by consumers through warehouses has made it necessary to develop a mathematical model that enhance stock allocation .Goods should be at the right place at the appropriate time and at a minimal cost .This work considered the different ways of stock allocation and identified some of their weaknesses. The feature of the Chebyshev polynomial were outline and the Chebyshev polynomial approximation was use to develop the new allocation technique for stock allocation The Chebyshev polynomial approximation technique is show to optimize returns, minimizes cost and have a wide area of applicability. The costs of observed and expected allocation were compared and the approximate (expected) prove more effective and time efficient. The Chebyshev polynomial allocation improves on some of the short comings of earlier methods. Some relevant theorems were stated and illustrated were included while a theorem asserting the minimal cost of the new technique is added keywords: polynomial approximation, stork allocation, Chebyshev polynomial approximation technique, optimal allocation, continuous function, mathematical model. Keywords: Polynomial approximation, Stock allocation, Chebyshev polynomial, Optimal allocation, Approximation technique, Mathematical model.

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