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Inventory Systems

In: Supply Chain Engineering

Author

Listed:
  • Marc Goetschalckx

    (Georgia Institute of Technology)

Abstract

In traditional inventory systems the typical decisions involve the determination of the level of service to be provided, the frequency of or time between replenishments R, the order up to level S which determines how much to order, and the reorder point s which determines when in the cycle the order is placed. Depending on the conditions and assumptions of the inventory system, these values can be either parameters or variables and this has created many different types of inventory control policies. An inventory control policy is considered “optimal” if it minimizes the long-range or average total system cost. While this long-range average cost differs significantly from industry to industry and from product to product, 25% of the product value is often used as a first order approximation of the average cost for holding a product in inventory for 1 year.

Suggested Citation

  • Marc Goetschalckx, 2011. "Inventory Systems," International Series in Operations Research & Management Science, in: Supply Chain Engineering, chapter 0, pages 431-493, Springer.
    • Handle: RePEc:spr:isochp:978-1-4419-6512-7_10
    DOI: 10.1007/978-1-4419-6512-7_10
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