Inventory Management: Trade-Off

Dr. Sanjay Gupta*,  Sridhar Swaminathan

^ 

*Physician and Analyst - Business strategy - Cognizant Digital Business

P.G.Dip. in Industrial Engg. and Management, Hyderabad

 

*Corresponding author: Dr. Sanjay Gupta, Senior Consulting Physician and Diabetologist MBBS (Mysore), IMA-FCGP, DNB, SMP (IIM-Calcutta), Email: srgdr999@gmail.com

 

Citation: Dr. Sanjay Gupta, (2020) Inventory Management: Trade-Off. Multidiscip Res Rev. 1(1); 1-2

 

Copyright: © 2020, Sanjay Gupta, et al., This is an open-access article distributed under the terms of the Creative Commons Attribution 4.0 International License, which permits unrestricted use, distribution and reproduction in any medium, provided the original author and source are credited.

 

ABSTRACT

 

Global supply chain is significantly under duress for past few months due to a paradigm shift of consumer behavior, mindset and new rules of business. The shipment delays, widespread supplier closures, manufacturing strains has led to delayed lead-time, unexpected unplanned inventory levels and difficult to control service lines. An adaptive, autonomous and resilient Inventory management becomes vital meet frenetic consumer behavior, blossom lean retail stores, and build new rules of engagement in product rationalization. Unpredictable demands demand interesting inventory mix that needs new tools and processes to stay viable

 

KEYWORDS: Inventory planning, Supply chain, Modelling, Optimization, Data Analytics, MBE, Product inventory, Demand forecast, Tactical decision, Strategy, Supply chain cost, Customer behavior

 

BIBLIOGRAPHY

1. Jeremy Shapiro, Modern Challenges of Inventory Management, Arkieva.com

2. Rob Taylor, Convey

3. Cerasis.com

4. Saviano M., Bassano C., Calabrese M. A VSA-SS approach to healthcare service systems the triple target of efficiency, effectiveness and sustainability. Service Science. 2010;2(1-2):41–61. doi: 10.1287/serv.2.1_2.41.

5. Federgruen A., Zheng Y. S. An efficient algorithm for computing an optimal (r, Q) policy in continuous review stochastic inventory systems. Operations Research. 1992;40:808–813. doi: 10.1287/opre.40.4.808.

6. Ben-Daya M., Noman S. M. Integrated inventory and inspection policies for stochastic demand. European Journal of Operational Research. 2008;185(1):159–169. doi: 10.1016/j.ejor.2005.12.053. [CrossRef] [Google Scholar]

7. Browne S., Zipkin P. Inventory models with continuous stochastic demands. Annals of Applied Probability. 1991;1:419–435. doi: 10.1214/aoap/1177005875.

8. Eynan A., Krop D. H. Effective and simple EOQ-like solutions for stochastic demand periodic review systems. European Journal of Operational Research. 2007;180(3):1135–1143. doi: 10.1016/j.ejor.2006.05.015.

9. Goyal S. K., Satir A. T. Joint replenishment inventory control: deterministic and stochastic models. European Journal of Operational Research. 1989;38(1):2–13, 1989. doi: 10.1016/0377-2217(89)90463-3

10. Lau H. S., Lau A. H. The newsstand problem: a capacitated multiple product single-period inventory problem. European Journal of Operational Research. 1996;94:29–42. doi: 10.1016/0377-2217(95)00192-1.

11. Silver E. A. Operations research in inventory management: a review and critique. Operations Research. 1981;29(1981):628–645. doi: 10.1287/opre.29.4.628.

12. Tarim S. A., Kingsman B. G. Modelling and computing (Rn, Sn) policies for inventory systems with non-stationary stochastic demand. European Journal of Operational Research. 2006;174(1):581–599. doi: 10.1016/j.ejor.2005.01.053.

13. He Z., Cheng T. C. E., Dong J., Wang S. Evolutionary location and pricing strategies in competitive hierarchical distribution systems: a spatial agent-based model. IEEE Transactions on Systems, Man, and Cybernetics – Systems. 2014;44(7):822–833. doi: 10.1109/tsmc.2013.2290506.

14. Li J., Choi T. M., Cheng T. C. E. Mean-variance analysis of two-echelon fast fashion supply chains with returns contract. IEEE Transactions on Systems, Man and Cybernetics - Systems. 2014;44:422–434. doi: 10.1109/tsmc.2013.2264934.

15. Song J. S., Zhang H. Q., Hou Y. M., Wang M. Z. The effect of lead time and demand uncertainties in (r, q) inventory systems. Operations Research. 2010;58(1):68–80. doi: 10.1287/opre.1090.0711.

16. Berk E., Gürler Ü. Analysis of the (Q, r) inventory model for perishables with positive lead times and lost sales. Operations Research. 2008;56:1238–1246. doi: 10.1287/opre.1080.0582.

17. Axäter S. Exact and approximate evaluation of batch-ordering policies for two-level inventory systems. Operations Research. 1993;41:777–785. doi: 10.1287/opre.41.4.777.

18. Axäter S. Evaluation of installation stock based (R, Q)-policies for two-level inventory systems with Poisson demand. Operations Research. 1998;46:135–145. doi: 10.1287/opre.46.3.s135.

• Fulltext Article