a literature review on models of inventory management under uncertainty

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THEORETICAL ASPECTS ON THE MODELS OF INVENTORY MANAGEMENT UNDER UNCERTAINTY

Inventories are crude materials, work-in-procedure merchandise and totally wrapped up products that are thought to be the segment of business' benefits that are prepared or will be prepared for sale. Formulating a reasonable stock model is one of the real attentiveness toward an industry. The soonest experimental stock administration looks into go back to the second decade of the past century however the enthusiasm for this experimental range is still awesome. Again considering the unwavering quality of any procedure is a vital component in the examination exercises. Estimations of a few elements are extremely difficult to characterize or practically stunning. In such cases, fluffy models of stock administration take an vital spot. This paper breaks down conceivable parameters of existing models of stock control. An endeavor is made to give an up and coming survey of existing writing, focusing on portrayals of the attributes and sorts of stock control models that have been created.

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In supply chain management inventory control is a challenging problem. To fulfill customer demand , companies require to have sufficient inventories in stock meanwhile these inventories have holding costs and this is frozen fund that can be lost and burdens the company’s account. Therefore, the task of inventory management is to find the quantity of inventories that will fulfill the demand, avoiding overstocks. In the present paper , an attempt is made to provide an up-to-date and complete review of existing literature, concentrating on descriptions of the characteristics and types of inventory control models that have been developed by Indian as well as Foreign authors. KEY WORDS-Inventory Management, Survival, Working Capital, Liquidity and Profitability, models under uncertainty, EOQ, EPQ. INTRODUCTION The word inventory refers to the goods or resources used by a firm for the purpose of production and sale. Inventories include the matter, which are used as helpful materials to ea...

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Deterministic and Stochastic İnventory Models in Production Systems: a Review of the Literature

• Review Article
• Published: 09 December 2022
• Volume 7 , pages 29–50, ( 2023 )

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• Germán Herrera Vidal   ORCID: orcid.org/0000-0002-0152-6712 1  

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Inventory modeling allows understanding and knowing the behavior of production systems, based on the construction, solution and analysis of a representation of the real world, which allows an adequate management of the operations of any type of company or chain network. the objective of this research is focused on a literature review of deterministic and stochastic inventory models in production systems. A methodology based on three (3) stages is proposed: (i) design of the search, which includes guiding questions, sources of information and search strategies; (ii) selection process, which considers the selected studies and the inclusion and exclusion criteria; and (iii) synthesis, where the established questions are analyzed and answered. The findings show that there is scientific interest in different types of inventory models in an independent and hybrid way, more specifically in deterministic service systems with Economic Production Quantity (EPQ), Queue Model (QM) and Optimization–Linear Programming (OP) models and in stochastic supply chain management with Optimization OPT and SImulation (SIM) models. A more detailed study showed an inclination towards article-type products, with low frequency of literature review type, which makes the development of the present work attractive and interesting. The research suggests future avenues based on common characteristics, problems addressed and frequent variables, solution techniques and additional perspectives or recommendations from recent and relevant authors in the literature are framed to support decision making.

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Acknowledgements

Thank you to the University of Sinú—Sectional Cartagena, Investigation Group Deartica—Colombia, for the support of their academic and scientific group.

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Germán Herrera Vidal

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Vidal, G.H. Deterministic and Stochastic İnventory Models in Production Systems: a Review of the Literature. Process Integr Optim Sustain 7 , 29–50 (2023). https://doi.org/10.1007/s41660-022-00299-3

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Received : 10 September 2021

Revised : 25 October 2022

Accepted : 10 November 2022

Published : 09 December 2022

Issue Date : March 2023

DOI : https://doi.org/10.1007/s41660-022-00299-3

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