International Journal of Mathematics Trends and Technology
Volume 70 | Issue 8 | Year 2024 | Article Id. IJMTT-V70I8P103 | DOI : https://doi.org/10.14445/22315373/IJMTT-V70I8P103
| Received | Revised | Accepted | Published |
|---|---|---|---|
| 22 Jun 2024 | 30 Jul 2024 | 15 Aug 2024 | 31 Aug 2024 |
This manuscript explores the critical role of optimization methods in addressing various challenges associated with
inventory management. Effective inventory management is essential for maintaining operational efficiency, minimizing costs,
and enhancing customer satisfaction. This paper provides a comprehensive review of key optimization techniques, including
Economic Order Quantity (EOQ)[1], Just-In-Time (JIT)[2], ABC analysis[9], dynamic programming[4], and machine
learning[5], among others. Each technique is discussed in the context of specific inventory problems, such as stockouts,
overstocking, demand variability, and lead time uncertainty. Through detailed analysis and case studies, the manuscript
demonstrates how these techniques can be applied to real-world scenarios to optimize inventory levels, reduce costs, and
improve overall supply chain performance. The findings highlight the importance of selecting appropriate optimization
methods based on the unique characteristics of the inventory problem at hand, offering valuable insights for both practitioners
and researchers in the field of supply chain management.
Inventory problems, Optimization techniques, EOQ model, JIT, ABC analysis, Dynamic programming.
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Nitish Kumar Bharadwaj, "Application of Optimization Techniques to Solve Inventory Problems," International Journal of Mathematics Trends and Technology (IJMTT), vol. 70, no. 8, pp. 21-27, 2024. Crossref, https://doi.org/10.14445/22315373/IJMTT-V70I8P103
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