Description
Satish Serial Publishing House Stochastic Models for Inventory Management by R Elangovan M Govindhan
‘Stochastic Models for Inventory Management’ is a comprehensive guide that explores the complexities of managing inventory systems across diverse operational contexts. This book blends extensive research with practical insights to optimize resource allocation and enhance operational efficiency. It covers both fundamental concepts and advanced models of inventory control, highlighting their practical applications and the impact of operations research on decision-making processes. Readers will find a systematic review of existing literature, insights into different approaches and models, and an exploration of practical scenarios involving uncertainties like stochastic breakdowns and interarrival times. The book also discusses innovative methods, such as the base stock system and SCBZ properties, enriched with real-world case studies and numerical illustrations. Additionally, it addresses specialized inventory models for perishable and deteriorating items, considering inflation and backlogging effects. This resource is ideal for students, researchers, and practitioners in operations management, logistics, and supply chain management, aiming to provide valuable insights and inspire innovations in inventory control and operations research.