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Introduction to Inventory Management

  • Dinesh Shenoy
  • Roberto Rosas
Chapter

Abstract

In this chapter, we discuss the meaning of the term inventory. Different types of inventory are used by firms depending on the nature of their business. We discuss the types of inventory as well as the purpose of holding those. Inventory managers are expected to ensure availability of an item in the right quantity when a demand arises. To achieve this objective, they need to consider the characteristics of each of the items they are managing, such as demand, replenishment lead time, the timing of review, and item lifetime. We examine these characteristics in detail and describe how the element of uncertainty increases the complexity of making reliable inventory decisions.

Toward the end of this chapter, we present a classification of inventory models that give the reader an idea of the breadth of available solutions.

Keywords

Inventory Inventory types Inventory functions Inventory characteristics 

References

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Copyright information

© Springer International Publishing AG 2018

Authors and Affiliations

  • Dinesh Shenoy
    • 1
  • Roberto Rosas
    • 1
  1. 1.Tecnológico de MonterreyCampus LeónMexico

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