Models of Inventory Control

Models of inventory control are vitally important to almost any type of industry, whether product manufacturing or product purchasing oriented. Investments in raw materials, qualitative goods with reliability, uncertain (fuzzy) system costs, spare parts, entropy, allowing pre-and post deterioration discounts, instant deterioration discounts, costs for promotion of the finished products, disposal cost of deteriorated items and finished products are all critical costs of operations which if not controlled can lead to high capital costs, high operating costs, and decreased production efficiency. This book focuses on the problems of inventory control in small-scale or large-scale manufacturing industries. It discusses fifteen different models to optimize the available resources with constraints with a view to reducing the inventory total costs and achieving improved payoff turnover. The book is designed as a text on models of inventory control for postgraduate students pursuing courses in commerce, management, and engineering. It is also suitable for all those studying for professional qualifications such as CA, ICWA, and CS.