Springer Series in Operations Research and Financial Engineering

Principles of Inventory Management

When You Are Down to Four, Order More

Authors: Muckstadt, John A., Sapra, Amar

  • 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
see more benefits

Buy this book

eBook $54.99
price for USA (gross)
  • ISBN 978-0-387-68948-7
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $69.95
price for USA
  • ISBN 978-0-387-24492-1
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
About this Textbook

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)

Table of contents (10 chapters)

  • Inventories Are Everywhere

    Muckstadt, John A. (et al.)

    Pages 1-16

  • EOQ Model

    Muckstadt, John A. (et al.)

    Pages 17-45

  • Power-of-Two Policies

    Muckstadt, John A. (et al.)

    Pages 47-84

  • Dynamic Lot Sizing with Deterministic Demand

    Muckstadt, John A. (et al.)

    Pages 85-112

  • Single-Period Models

    Muckstadt, John A. (et al.)

    Pages 113-140

Buy this book

eBook $54.99
price for USA (gross)
  • ISBN 978-0-387-68948-7
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $69.95
price for USA
  • ISBN 978-0-387-24492-1
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Principles of Inventory Management
Book Subtitle
When You Are Down to Four, Order More
Authors
Series Title
Springer Series in Operations Research and Financial Engineering
Copyright
2010
Publisher
Springer-Verlag New York
Copyright Holder
Springer-Verlag New York
eBook ISBN
978-0-387-68948-7
DOI
10.1007/978-0-387-68948-7
Hardcover ISBN
978-0-387-24492-1
Series ISSN
1431-8598
Edition Number
1
Number of Pages
XVIII, 339
Topics