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Inventory Control Theory

In: Advanced Optimization and Operations Research

Author

Listed:
  • Asoke Kumar Bhunia

    (The University of Burdwan)

  • Laxminarayan Sahoo

    (Raniganj Girls’ College)

  • Ali Akbar Shaikh

    (The University of Burdwan)

Abstract

The objectives of this chapter are to: Discuss the concepts of inventory as well as the various forms of inventory and reasons for maintaining inventories Define the different terminologies of inventory like demand, replenishment, constraints, shortages, lead time, planning/time horizon and various types of inventory costs Derive the single item purchasing and manufacturing inventory models with and without shortages Determine the optimal order quantity for single item price break inventory models and multi-item purchasing model with different constraints like investment, average inventory and space constraints Introduce the probabilistic models for discrete (the well-known newspaper boy problem) and continuous cases Discuss the fuzzy inventory model.

Suggested Citation

  • Asoke Kumar Bhunia & Laxminarayan Sahoo & Ali Akbar Shaikh, 2019. "Inventory Control Theory," Springer Optimization and Its Applications, in: Advanced Optimization and Operations Research, chapter 0, pages 521-579, Springer.
    • Handle: RePEc:spr:spochp:978-981-32-9967-2_17
    DOI: 10.1007/978-981-32-9967-2_17
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    Cited by:

    1. Sasan Harifi & Madjid Khalilian & Javad Mohammadzadeh & Sadoullah Ebrahimnejad, 2021. "Optimization in solving inventory control problem using nature inspired Emperor Penguins Colony algorithm," Journal of Intelligent Manufacturing, Springer, vol. 32(5), pages 1361-1375, June.

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