Operations Research in Inventory Management: A Review and Critique

Abstract

The objectives of inventory management, including the relevant related costs, are examined in this paper. A brief review of standard problems, that have been effectively solved, is presented. However, we point 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.