Introduction

Abstract

For more or less all organizations in any sector of the economy, Supply Chain Management, i.e., the control of the material flow from suppliers of raw material to final customers is a crucial problem. Today the strategic importance of this area is fully recognized by top management. The total investment in inventories is enormous, and the control of capital tied up in raw material, work-in-progress, and finished goods offers a very important potential for improvement. Scientific methods for inventory control can give a significant competitive advantage. This book deals with a wide range of different inventory models that can be used when developing inventory control systems.