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What is Inventory Management

Chapter 13
Handbook of Research on Applied Optimization Methodologies in Manufacturing Systems
Policy used in a company to manage its stocks.
Published in Chapter:
A Simulation-Optimization Approach for the Production of Components for a Pharmaceutical Company
Nicolas Zufferey (University of Geneva, Switzerland), David Dal Molin (IPros, Switzerland), Rémy Glardon (IPros, Switzerland), and Christos Tsagkalidis (IPros, Switzerland)
Copyright: © 2018 |Pages: 15
DOI: 10.4018/978-1-5225-2944-6.ch013
Abstract
The considered problem (P) concerns the production of strains (also called jobs or batches), which are the used components in the final products that are bought by the consumers. (P) contains two components that have to be tackled sequentially: the inventory management problem (IMP) and the job scheduling problem (JSP). (IMP) is solved with a reorder-point policy, defined on the basis of critical demand coverage. To tackle (JSP), a descent local search (DLS) is used, based on swap moves. In other words, for a given job sequence, a series of modifications is performed on it in order to try to improve the solution, where each modification consists of exchanging the positions of two jobs. Because of random events (some jobs might be rejected if they do not meet predefined standards) and stochasticity (the duration of each job follows a normal distribution), simulation is required to evaluate any sequence of jobs that is a solution to (JSP). A simulation-optimization approach is therefore proposed to accurately tackle (JSP). This work is motivated by a real pharmaceutical company.
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More Results
Chapter 11
Perception About Inventory Management and Control at Quick Service Restaurants
Monitoring and controlling the flow of goods from manufacturers to warehouses and then to retail stores or customers. The goal of inventory management is to ensure that a business has the right amount of stock available at the right time, neither too much that it ties up resources nor too little that it causes shortages.
Published in Chapter: Perception About Inventory Management and Control at Quick Service Restaurants; From: Strategies for Environmentally Responsible Supply Chain and Production Management
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Chapter 8
Review of RFID Applications in Perishable Inventory Management
Activities employed to control the stock of products, work-in-process, or materials. Inventory management happens in all nodes of supply chain to transfer materials to finished products and deliver finished products to consumers.
Published in Chapter: Review of RFID Applications in Perishable Inventory Management; From: Handbook of Research on Global Supply Chain Management
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Chapter 8
The Relationship Between the Quality of Financial Information in Industrial Companies and Discretionary Inventory Management
Is the management of inventory and stock. As an element of supply chain management, inventory management includes aspects such as controlling and overseeing ordering inventory, storage of inventory, and controlling the amount of product for sale.
Published in Chapter: The Relationship Between the Quality of Financial Information in Industrial Companies and Discretionary Inventory Management; From: International Financial Reporting Standards and New Directions in Earnings Management
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Chapter 7
A Study of Supply Chain Management Strategies and Challenges Through Systematic Literature Review
Inventory management is the strategic process of overseeing and controlling the flow of goods or materials within a business's operations. It involves the planning, procurement, storage, tracking, and optimization of inventory levels to ensure that the right products are available in the right quantities at the right time.
Published in Chapter: A Study of Supply Chain Management Strategies and Challenges Through Systematic Literature Review; From: Global Cargo Industry: Resilience of Asia-Pacific Shipping Industries
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Chapter 8
Economic Order Quantity Estimation with Uncertain External Information on Product Demand Quantile
A company level activity to manage product in stock as well as supply chains, which includes order, store, and sell of companies’ products. This definition applies to both retail and production of goods.
Published in Chapter: Economic Order Quantity Estimation with Uncertain External Information on Product Demand Quantile; From: Transport and Logistics Planning and Optimization
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Chapter 13
Digital Transformation: Impact of 5G Technology in Supply Chain Industry
Inventory management is the management of flow of units into and out of an existing inventory.
Published in Chapter: Digital Transformation: Impact of 5G Technology in Supply Chain Industry; From: Technology Optimization and Change Management for Successful Digital Supply Chains
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Chapter 4
Real World Applications: Using Technology to Improve Supply Chain Management and Total Asset Visibility (TAV)
The process of ensuring that a company always has the products it needs on hand and that it keeps costs as low as possible.
Published in Chapter: Real World Applications: Using Technology to Improve Supply Chain Management and Total Asset Visibility (TAV); From: Handbook of Research on Modern Optimization Algorithms and Applications in Engineering and Economics
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