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Principles of Inventory Management: When You Are Down to Four, Order More (Springer Series in Operations Research and Financial Engineering)

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Basic Principles of Inventory Management. Inventory refers to a firm's resources that can draw economic income, including raw materials, work-in-progress, ...

Basic Principles of Inventory Management. Inventory refers to a firm's resources that can draw economic income, including raw materials, work-in-progress, ...

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PRINCIPLES ANDTECHNIQUES OF MANAGING INVENTORY

Inventories are prevalent everywhere in the commercial world, whether it be in retail stores, manufacturing facilities, government stockpile material, Federal Reserve banks, or even your own household. This textbook examines basic mathematical techniques used to sufficiently manage inventories by using various computational methods and mathematical models. Such models discussed include: EOQ model and extensions, power-of-two models, single and multi-period models, probabilistic lot sizing models, multi-echelon stochastic models, Laplace and Normal demand models, exact Poisson model, and many more.

Principles of Inventory Management begins with an introductory chapter in which the basics of inventory systems and mathematical assumptions for all models are grouped together. The text is presented in a way such that each section can be read independently, and so the order in which the reader approaches the book can be inconsequential. It contains both deterministic and stochastic models along with algorithms that can be employed to find solutions to a variety of inventory control problems.

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