Principles of Inventory Management: When You Are Down to Four, Order More

Principles of Inventory Management begins with an introductory chapter in which the basics of inventory systems and mathematical assumptions for all models are grouped together. The text is presented in a way such that each section can be read independently, and so the order in which the reader approaches the book can be inconsequential. It contains both deterministic and stochastic models along with algorithms that can be employed to find solutions to a variety of inventory control problems.

Key topics include:

* Economic order quantity (EOQ) model

* Power-of-two policies

* Dynamic lot sizing

* Single and multi-period stochastic models

* Echelon-based approaches

* Multi-echelon systems

* Single and multi-item models.

With exercises at the end of each chapter and a clear, systematic exposition, this textbook will appeal to advanced undergraduate and first-year graduate students in operations research, industrial engineering, and quantitative MBA programs. It also serves as a reference for professionals in both industry and government worlds. The prerequisite courses include introductory optimization methods, probability theory (non-measure theoretic), and stochastic processes.