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Inventory Management: Information, Coordination, and Rationality

In: Planning Production and Inventories in the Extended Enterprise

Author

Listed:
  • Özalp Özer

    (Columbia University)

Abstract

1Throughout the chapter, we use the terms inventory/production,​ control,​ replenishment/production, and order/produce interchangeably. Inventory control problems have attracted researchers for many years1. Fundamentally, the problem is one of matching supply and demand by efficiently coordinating the production and the distribution of goods. Recent developments in information technology have equipped managers with the means to obtain better and timely information regarding, for example, demand, lead times, available assets, and capacity. Technology has also enabled customers to obtain vast amounts of information about a product, such as its physical attributes and availability. In today’s increasingly competitive marketplace, consumers are constantly pressuring suppliers to simultaneously reduce costs and lead times and increase the quality of their products. Good inventory management is no longer a competitive advantage. It is an essential capability to survive in a global market.

Suggested Citation

  • Özalp Özer, 2011. "Inventory Management: Information, Coordination, and Rationality," International Series in Operations Research & Management Science, in: Karl G. Kempf & Pınar Keskinocak & Reha Uzsoy (ed.), Planning Production and Inventories in the Extended Enterprise, chapter 0, pages 321-365, Springer.
    • Handle: RePEc:spr:isochp:978-1-4419-6485-4_13
    DOI: 10.1007/978-1-4419-6485-4_13
    as

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