Inventory Management

Dmitry Ivanov, Alexander Tsipoulanidis and Jörn Schönberger
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Dmitry Ivanov: Berlin School of Economics and Law
Alexander Tsipoulanidis: Berlin School of Economics and Law
Jörn Schönberger: Technical University of Dresden

Chapter 13 in Global Supply Chain and Operations Management, 2021, pp 385-433 from Springer

Abstract: Abstract In this chapter, inventory management principles are discussed. It starts with an introductory case study considering different inventory management principles in the automotive, electronics, and e-commerce sectors. In the beginning, the trade-off between “service levels” and “costs” in inventory management is highlighted. Next, the role of inventory in the supply chain is analyzed. Therefore, the ABC and XYZ analysis is introduced and the use of the EOQ/EPQ models for independent inventory demand is explained. Subsequently, how to compute a reorder point and how to calculate service levels and probabilistic inventory models is shown. Then, the applicability of dynamic lot-sizing models is elaborated. A discussion and computation of the effects of inventory aggregation takes place leading to an explanation of the ATP/CTP concept. Finally, we explain the principles and performance indicators to measure the inventory management efficiency and responsiveness. The chapter is accompanied by an E-Supplement providing additional case studies, Excel templates, tasks, and video streams.

Keywords: Inventory management; Safety stock; Optimal order quantity; Reorder point; Dynamic lot-sizing; Inventory control; Inventory turnover; On-time delivery (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-3-030-72331-6_13

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DOI: 10.1007/978-3-030-72331-6_13

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