Optimal Replenishment Policies for Deteriorating Items Under Inflation
Inventory Control
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Inventory control is a set of policies and operating procedures that are defined to maximize a company's use of inventory, so that it generates the maximum profit from the least amount of inventory investment without compromising customer satisfaction levels. With the help of inventory control one can maximize the availability of goods to the customers "On Time In Full". It requires coordination between purchases, manufactures and distribution team to meet the marketing needs.The main purpose of this study is to establish replenishment models and develop optimal replenishment policies for item...
Inventory control is a set of policies and operating procedures that are defined to maximize a company's use of inventory, so that it generates the maximum profit from the least amount of inventory investment without compromising customer satisfaction levels. With the help of inventory control one can maximize the availability of goods to the customers "On Time In Full". It requires coordination between purchases, manufactures and distribution team to meet the marketing needs.The main purpose of this study is to establish replenishment models and develop optimal replenishment policies for items having characteristic deterioration taking account of time value of money and optimal solutions with backlogging which shows that the total variable cost is convex.
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