Abstract
In this chapter, we discuss the meaning of the term inventory. Different types of inventory are used by firms depending on the nature of their business. We discuss the types of inventory as well as the purpose of holding those. Inventory managers are expected to ensure availability of an item in the right quantity when a demand arises. To achieve this objective, they need to consider the characteristics of each of the items they are managing, such as demand, replenishment lead time, the timing of review, and item lifetime. We examine these characteristics in detail and describe how the element of uncertainty increases the complexity of making reliable inventory decisions.
Toward the end of this chapter, we present a classification of inventory models that give the reader an idea of the breadth of available solutions.
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Notes
- 1.
American Production Inventory Control Society, established in 1957, is now called APICS.
- 2.
Fruit or the bulb found at the base of the Agave plant.
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Shenoy, D., Rosas, R. (2018). Introduction to Inventory Management. In: Problems & Solutions in Inventory Management . Springer, Cham. https://doi.org/10.1007/978-3-319-65696-0_1
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DOI: https://doi.org/10.1007/978-3-319-65696-0_1
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