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What is Inventory Management

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)
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
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.
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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.
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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.
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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.
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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.
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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.
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