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Inventory Management Theory: a Critical Review

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  • Lukáš Polanecký
  • Xenie Lukoszová

Abstract

It was carried out by studying available Czech and foreign scientific references, which serve as the basis for mapping the approaches to inventory management as well as research into more complex inventory theory models. The paper deals with the inventory theory itself and describes the formation of quantitative models as tools for optimizing inventory under certain conditions the models have been derived from. The paper also discusses an issue most frequently raised in terms of the inventory theory, i.e. optimization of costs related to the costs of holding stock, which follows the analysis of demand for commodities the selected stock is produced from. Thus, the issues of inventory theory and demand for final product are closely related. Results suggest the use of the “Mathematica†platform and modelling demand of the stochastic nature.

Suggested Citation

  • Lukáš Polanecký & Xenie Lukoszová, 2016. "Inventory Management Theory: a Critical Review," Littera Scripta, VSTE, vol. 9(2), pages 79-89, May.
    • Handle: RePEc:rsg:littra:2016-018
    DOI: 10.36708/LS.2016.I02.006
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    References listed on IDEAS

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    1. Giri, B.C. & Chaudhuri, K.S., 1998. "Deterministic models of perishable inventory with stock-dependent demand rate and nonlinear holding cost," European Journal of Operational Research, Elsevier, vol. 105(3), pages 467-474, March.
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