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Introduction

  • Baoding Liu
  • Augustine O. Esogbue
Part of the International Series in Operations Research & Management Science book series (ISOR, volume 20)

Abstract

Inventory theory is concerned with the foundations for the analysis of several types of decisions relating primarily to the problems of when to order and how much to order of a given item of interest in order to satisfy some professed need or demand. The purpose of optimal inventory management is to obtain the right goods in the right place, at the right time, and at the lowest possible cost. Inventory problems involving procurement and maintenance of needed items are encountered by nearly every organization known to man including nonprofit institutions. Inventory theory has been widely used, with profitability, in the material management of industries and enterprises.

Keywords

Inventory System Decision Criterion Inventory Level Inventory Problem Economic Order Quantity 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer Science+Business Media New York 1999

Authors and Affiliations

  • Baoding Liu
    • 1
  • Augustine O. Esogbue
    • 2
  1. 1.Department of Applied MathematicsTsinghua UniversityBeijingChina
  2. 2.School of Industrial and Systems EngineeringGeorgia Institute of TechnologyAtlantaUSA

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