OPERATIONS-RESEARCH IN INVENTORY MANAGEMENT - A REVIEW AND CRITIQUE

The objectives of inventory management, including the relevant related costs, are examined. A brief review of standard problems, that have been effectively solved, is presented. It is pointed out that a serious gap exists between theory and practice in many organizations. Suggestions are made for bridging this gap. Finally, a list is provided of a number of research problems whose implementable solution would have a major beneficial impact on the practice of inventory management.