Inventory management concepts and implementations : a systematic review

Abstract

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.

Voorraad is 'n sentrale bestuursfunksie. Dit is die hoeksteen van voorsieningskettingbestuur en -logistiek in materiaalbestuurstelsels. Afhangende van die doelwitte van die organisasie, mag voorraad in pakhuise nodig wees om aan klante of humanitêre eise te voldoen. Die beheer van voorraad is van kritieke belang vir operasionele sukses en organisatoriese prestasie. Hierdie navorsing hersien voorraadbestuurskonsepte en die implementering daarvan te midde van toenemende veeleisende menslike nood. Aanvraag is 'n kritieke veranderlike in die voorraadbeheerstelsel en die kenmerke daarvan beïnvloed voorraadbehandeling. Belangrike aanvraag kenmerke sluit in die vlak van sekerheid, wat deterministies (d.w.s. met sekerheid bekend) of stochasties/Bayesian (d.w.s. bekend, maar onseker) kan wees, en die strukturele afhanklikheid daarvan (d.w.s. onafhanklik of afhanklik). Hierdie oorsig oorweeg die deterministiese onafhanklike en afhanklike aard van aanvraag en hul impak op voorraadbestuur in bedrywighede.