Models of Inventory Management under Uncertainty: A Review

Exploring Models and Parameters in Inventory Management under Uncertainty

Abstract

Inventories are crude materials, work-in-process merchandise and totally completed products that are thought to be the bit of business' benefits that are prepared or will be prepared available to be purchased. Planning a reasonable inventory model is one of the real worries for an industry. The soonest logical inventory management looks into go back to the second decade of the previous century, yet the enthusiasm for this logical territory is as yet extraordinary. Again considering the unwavering quality of any procedure is a vital element in the examination exercises. Estimations of a few elements are difficult to characterize or relatively incredible. In such cases, fluffy models of inventory management assume a vital position. This paper investigates conceivable parameters of existing models of inventory control. An endeavor is made to give a state-of-the-art audit of existing writing, focusing on descriptions of the attributes and kinds of inventory control models that have been produced.