Inventory Management: Information, Coordination, and Rationality

Özalp Özer ()
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Özalp Özer: Columbia University

Chapter Chapter 13 in Planning Production and Inventories in the Extended Enterprise, 2011, pp 321-365 from Springer

Abstract: Abstract 1Throughout the chapter, we use the terms inventory/production,​ control,​ replenishment/production, and order/produce interchangeably. Inventory control problems have attracted researchers for many years1. Fundamentally, the problem is one of matching supply and demand by efficiently coordinating the production and the distribution of goods. Recent developments in information technology have equipped managers with the means to obtain better and timely information regarding, for example, demand, lead times, available assets, and capacity. Technology has also enabled customers to obtain vast amounts of information about a product, such as its physical attributes and availability. In today’s increasingly competitive marketplace, consumers are constantly pressuring suppliers to simultaneously reduce costs and lead times and increase the quality of their products. Good inventory management is no longer a competitive advantage. It is an essential capability to survive in a global market.

Keywords: Supply Chain; Lead Time; Penalty Cost; Forecast Information; Replenishment Policy (search for similar items in EconPapers)
Date: 2011
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DOI: 10.1007/978-1-4419-6485-4_13

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