A Survey of the Models for the Inventory Problem

An Overview of Inventory Models and Management Practices

Abstract

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.