Inventory Systems with Reverse Logistics
As explained in Chapter 1 this part of the book is dedicated to inventory management issues in Reverse Logistics. Complementing the spatial considerations addressed in the preceding chapters inventory management is concerned with the temporal co-ordination of subsequent business processes and, eventually, between supply and demand. Inventory management has been investigated in much detail during the past fifty years. Different reasons for stock-keeping have been distinguished, such as lotsizing stock, safety stock, and seasonal stock. Corresponding management issues that have been addressed include determination of process decoupling points, optimal order policies, and expected stock levels. Countless quantitative models have been proposed for inventory management including, in particular, numerous classes of deterministic and stochastic inventory control models. We refer to Silver et al. (1998) for a detailed discussion of inventory management. Recent developments in supply chain management have led to an increasing effort to reduce inventory levels on a global scale. Just-in-time philosophies and vendor-managed-inventories are some of the concepts pointing in this direction (compare Tayur et al., 1998).
KeywordsInventory Model Inventory Management Spare Part Reverse Logistics Economic Order Quantity
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