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Concepts and Definitions

In: Periodic Review Inventory Systems

Author

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  • Thomas Wensing

    (Catholic University Eichstätt-Ingolstadt)

Abstract

We first give a brief introduction to the objects and phenomena that we will examine in this study. The key object of our interest is an inventory system within a non-changing, static environment. In order to make any statements about this inventory system, we will first define how to describe the state of such a system in terms of the relevant characteristics. From an epistemological point of view, we will introduce the vocabulary here that enables us to talk about the object being examined. Next, we propose a framework to classify the structure and relevant elements of an inventory system within a static environment. This should help us to later on declare the specific nature of the system being analyzed and its variants. To evaluate the specific configuration of a system and allow for a preferential order with alternative configurations, the last section summarizes common metrics for evaluating the performance of inventory systems.

Suggested Citation

  • Thomas Wensing, 2011. "Concepts and Definitions," Lecture Notes in Economics and Mathematical Systems, in: Periodic Review Inventory Systems, chapter 0, pages 5-19, Springer.
    • Handle: RePEc:spr:lnechp:978-3-642-20479-1_2
    DOI: 10.1007/978-3-642-20479-1_2
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