Inventory Management Concepts and Implementations: A Systematic Review

Inventory is a central management function. It is a cornerstone of supply chain management and logistics in the material management system. Depending on the organisational objectives, inventories in warehouses may be needed to fulfil customer or humanitarian demands. Controlling inventory is critica...

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Bibliographic Details
Published in:South African Journal of Industrial Engineering Vol. 33; no. 2; pp. 15 - 36
Main Authors: Munyaka, J.B., Yadavalli, V.S.S.
Format: Journal Article
Language:English
Published: Bedfordview South African Institute of Industrial Engineers (SAIIE) 01.07.2022
South African Institute for Industrial Engineering
The Southern African Institute for Industrial Engineering
Subjects:
Bayesian analysis
Customer satisfaction
Demand
Engineering, Industrial
Environmental science
Humanitarianism
Inventory
Inventory control
Inventory management
Logistics
Manufacturing
Materials management
Stocks
Supply chains
Systematic review
Technology adoption
Work in process
ISSN:1012-277X, 2224-7890, 2224-7890
Online Access:Get full text
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Summary:Inventory is a central management function. It is a cornerstone of supply chain management and logistics in the material management system. Depending on the organisational objectives, inventories in warehouses may be needed to fulfil customer or humanitarian demands. Controlling inventory is critical to operational success and organisational performance. This research reviews inventory management concepts and implementations in the face of increasingly demanding human need. Demand is a critical variable in the inventory control system, and its characteristics affect inventory treatment. Important demand characteristics include its level of certainty, which could be deterministic (i.e., known with certainty) or stochastic/Bayesian (i.e., known but uncertain), and its structural dependency (i.e., independent or dependent). This review considers the deterministic independent and dependent natures of demand and their respective impact on inventory management in operations.
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ISSN:1012-277X
2224-7890
2224-7890
DOI:10.7166/33-2-2527