Dynamic lot-size model
The dynamic lot-size model in inventory theory, is a generalization of the economic order quantity model that takes into account that demand for the product varies over time. The model was introduced
Materials management
Materials management is a core supply chain function and includes supply chain planning and supply chain execution capabilities. Specifically, materials management is the capability firms use to plan
Partnerized inventory management
Partner-optimized inventory management, also known as partnerized inventory management or sometimes just the abbreviation PIM is an inventory management technique or model often used in deterministic
Inventory control
Inventory control or stock control can be broadly defined as "the activity of checking a shop's stock". It is the process of ensuring that the right amount of supply is available within a business. Ho
Base stock model
The base stock model is a statistical model in inventory theory. In this model inventory is refilled one unit at a time and demand is random. If there is only one replenishment, then the problem can b
Inventory analysis
Inventory analysis is one of the branches of Operation Research which deals in studying and understanding the stock/product mix combined with the knowledge of the demand for stock/product. It is the t
Carrying cost
In marketing, carrying cost, carrying cost of inventory or holding cost refers to the total cost of holding inventory. This includes warehousing costs such as rent, utilities and salaries, financial c
Economic production quantity
The economic production quantity model (also known as the EPQ model) determines the quantity a company or retailer should order to minimize the total inventory costs by balancing the inventory holding
Inventory theory
Material theory (or more formally the mathematical theory of inventory and production) is the sub-specialty within operations research and operations management that is concerned with the design of pr
Lean manufacturing
Lean manufacturing is a production method aimed primarily at reducing times within the production system as well as response times from suppliers and to customers. It is closely related to another con
Safety stock
Safety stock is a term used by logisticians to describe a level of extra stock that is maintained to mitigate risk of stockouts (shortfall in raw material or packaging) caused by uncertainties in supp
Economic order quantity
Economic Order Quantity (EOQ), also known as Economic Buying Quantity (EPQ), is the order quantity that minimizes the total holding costs and in inventory management. It is one of the oldest classical
Economic batch quantity
In inventory management, Economic Batch Quantity (EBQ), also known as Optimum Batch Quantity (OBQ) is a measure used to determine the quantity of units that can be produced at the minimum average cost
Assemble-to-order system
In applied probability, an assemble-to-order system is a model of a warehouse operating a build to order policy where products are assembled from components only once an order has been made.The time t
Cutting stock problem
In operations research, the cutting-stock problem is the problem of cutting standard-sized pieces of stock material, such as paper rolls or sheet metal, into pieces of specified sizes while minimizing
Extended newsvendor model
Extended newsvendor models are variations of the classic newsvendor model involving production capacity constraints, multiple products, multiple production cycles, demand dependent selling price, etc.
Opaque travel inventory
An opaque inventory is the market of selling unsold at a discounted price. The inventory is called "opaque" because the specific suppliers (i.e. hotel, airline, etc.) remain hidden until after the pur
Inventory
Inventory (American English) or stock (British English) refers to the goods and materials that a business holds for the ultimate goal of resale, production or utilisation. Inventory management is a di
Newsvendor model
The newsvendor (or newsboy or single-period or salvageable) model is a mathematical model in operations management and applied economics used to determine optimal inventory levels. It is (typically) c
Economic lot scheduling problem
The economic lot scheduling problem (ELSP) is a problem in operations management and inventory theory that has been studied by many researchers for more than 50 years. The term was first used in 1958
(Q,r) model
The (Q,r) model is a class of models in inventory theory. A general (Q,r) model can be extended from both the EOQ model and the base stock model
Inventory optimization
Inventory optimization is a method of balancing capital investment constraints or objectives and service-level goals over a large assortment of stock-keeping units (SKUs) while taking demand and suppl