What is it about?
Inventory policy answers two major questions of when and how to replenish their inventory. In this work, a mathematical model is developed for this type of policy. we formulate and provide a simple to understand solution to such problem so as to minimize the costs embedded in the policy.
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Why is it important?
In inventory management, sales are lost when customers decided not to come back again as a result of not meeting their needs when an order is placed. This often leads to a lost of goodwill and profits. Therefore, this model is relevant because it show (1) Order that is not met presently can be backlogged and supply to the customers immediately stocks are available (2)The model provides an answer to how demand occurs during an inventory cycle period.
Perspectives
I believe this article will contribute to knowledge in the field of inventory management especially for the new products that are just been introduce to the market like android phone, computer etc. It will help to see the various developmental stages of the products.
Adaraniwon Amos Olalekan
University of Malaya,Malaysia
Read the Original
This page is a summary of: An inventory model for delayed deteriorating items with power demand considering shortages and lost sales, Journal of Intelligent & Fuzzy Systems, June 2019, IOS Press,
DOI: 10.3233/jifs-181284.
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