A Survey of the Models for the Inventory Problem
An Overview of Inventory Models and Management Practices
Keywords:
inventory problem, models, inventory management practices, survey, types of inventory models, deterministic models, stochastic models, continuous review models, periodic review models, single-item models, multi-item models, assumptions, mathematical formulations, optimization techniques, demand forecasting, lead time, stockout costs, holding costs, ordering costsAbstract
The inventory problem is a critical challenge faced by businesses across various industries.Effective management of inventory can significantly impact a company's profitability and customersatisfaction. Over the years, researchers and practitioners have developed numerous models to addressthis problem and improve inventory management practices. This survey aims to provide an overview of theexisting models for the inventory problem and highlight their strengths, limitations, and potentialapplications.The survey begins by presenting the different types of inventory models, including deterministic models,stochastic models, continuous review models, periodic review models, single-item models, and multi-itemmodels. Each model type is discussed in detail, highlighting its assumptions, mathematical formulations,and optimization techniques. The survey then examines various factors that influence inventorydecisions, such as demand forecasting, lead time, stockout costs, holding costs, and ordering costs.Published
2022-07-01
How to Cite
[1]
“A Survey of the Models for the Inventory Problem: An Overview of Inventory Models and Management Practices”, JASRAE, vol. 19, no. 4, pp. 564–568, Jul. 2022, Accessed: Sep. 19, 2024. [Online]. Available: https://ignited.in/index.php/jasrae/article/view/14009
Issue
Section
Articles
How to Cite
[1]
“A Survey of the Models for the Inventory Problem: An Overview of Inventory Models and Management Practices”, JASRAE, vol. 19, no. 4, pp. 564–568, Jul. 2022, Accessed: Sep. 19, 2024. [Online]. Available: https://ignited.in/index.php/jasrae/article/view/14009