Overview

Inventory Optimization deals with identifying those products which are most important to the success of a given business and those which are the most profitable. Practitioners of inventory optimization use a group of techniques to aid in making the best possible decisions regarding the quantity of a product to be ordered in every lot. Additionally, the practice examines the length of time a product will last, the reorder point, and the cost of the policy in a given time period. Inventory management and optimization is crucial in order for a manager to deal adequately with uncertainty and variability within a supply chain. The concepts are useful for making decisions in case of price increases, when it may also be important to take advantage of discount policies in the case of certain vendors. Inventory management is also a very important optimization aspect of any supply chain. Applying Inventory Optimization covers the topic and techniques of inventory optimization in a basic, less mathematical form, than other books on the market. The book will be written in a way which will allow practitioners and students to master inventory management principles quickly and efficiently. This simplified approach will focus on the application of the concepts in practice.

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9781606505946

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