Modern Approaches to Inventory Management

Drago Pupavac ()
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Drago Pupavac: Polytechnic of Rijeka

Business Logistics in Modern Management, 2011, vol. 11, 47-58

Abstract: One of the most important tasks of logistics management is efficient inventory management. The basic mission of inventory management is to find balance between item in stocks and customer service. Traditional model in inventory management, also known as the economic order quantity (EOQ) is increasingly being replaced or supplemented by contemporary models of inventory management: Just in Time, Materials Requirement Planning and Distribution Requirement Planning. The research topic of importance for this work is Distribution Requirement Planning. In the Croatian scientific and professional literature this model is least elaborated. To this modern inventory management model adequately explored and elaborated in the paper in different combinations are applied the following research methods: descriptive method, method of classification, methods of analysis and synthesis, methods of induction and deduction, mathematical method and empirical method. The resulting findings are based on an analysis of practical business examples, and represent the basic principles for planning and control stocks based on market conditions distribution.

Keywords: inventory management; approaches to managing inventory; DRP; customer service (search for similar items in EconPapers)
Date: 2011
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