Overview
- More mathematical than some other texts in this field, with a good balance between simplicity and rigour
- Has a clear, systematic exposition with detailed examples and exercises at the end of each chapter
- A wellorganized textbook where each section can be read independently
- Contains 50+ figures
- Includes supplementary material: sn.pub/extras
Part of the book series: Springer Series in Operations Research and Financial Engineering (ORFE)
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Table of contents (10 chapters)
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Front Matter
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Back Matter
Keywords
About this book
Inventories are prevalent everywhere in the commercial world, whether it be in retail stores, manufacturing facilities, government stockpile material, Federal Reserve banks, or even your own household. This textbook examines basic mathematical techniques used to sufficiently manage inventories by using various computational methods and mathematical models. Such models discussed include: EOQ model and extensions, power-of-two models, single and multi-period models, probabilistic lot sizing models, multi-echelon stochastic models, Laplace and Normal demand models, exact Poisson model, and many 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.
Reviews
From the reviews:
“This book on inventory management is based on a collection of lectures at Cornell University and consists of 10 chapters. … The book has been written in a form so that sections can be mostly independently read. Each chapter finishes with some exercises. This textbook is particularly suitable for graduate students which are familiar with basic optimization methods, probability theory and stochastic processes. In addition, it can also be used by practitioners as a reference tool.” (Frank Werner, Zentralblatt MATH, Vol. 1186, 2010)Authors and Affiliations
Bibliographic Information
Book Title: Principles of Inventory Management
Book Subtitle: When You Are Down to Four, Order More
Authors: John A. Muckstadt, Amar Sapra
Series Title: Springer Series in Operations Research and Financial Engineering
DOI: https://doi.org/10.1007/978-0-387-68948-7
Publisher: Springer New York, NY
eBook Packages: Mathematics and Statistics, Mathematics and Statistics (R0)
Copyright Information: Springer-Verlag New York 2010
Hardcover ISBN: 978-0-387-24492-1Published: 23 December 2009
Softcover ISBN: 978-1-4939-3863-6Published: 23 August 2016
eBook ISBN: 978-0-387-68948-7Published: 20 March 2010
Series ISSN: 1431-8598
Series E-ISSN: 2197-1773
Edition Number: 1
Number of Pages: XVIII, 339
Topics: Operations Management, Operations Research, Management Science, Operations Research/Decision Theory, Applications of Mathematics, Industrial and Production Engineering