{"product_id":"decision-making-in-inventory-management-von-biswaranjan-mandal","title":"Decision making in Inventory Management","description":"\u003cp\u003eThe control of inventory of physical goods is an  important problem in almost every enterprise.  Inventory must be maintained in agriculture,  industry, retail establishment and military. There  are several reasons why different sectors should  maintain inventories of goods. The fundamental  reasons for doing so is that it is either physically  impossible or economically not viable to have goods  arrive in a given system at the time when demands for  them arises. Without inventories, customers have to  wait until their orders are filled from a source.  There are many other reasons for keeping inventories  as well. For example, the price of some raw materials  used by a manufacturer may exhibit considerable  seasonal fluctuations. When price is low, it is  profitable to procure a large quantity of it to last  through the high priced season.   In the year 1915, F. Harris formulated and optimized  a simple inventory model which resulted in the well  known classical economic lot-size formula. Since  then, the above mentioned model has been modified and  extended all over the world. All the models have been  developed by considering proper illustration and  sensitivity study.\u003c\/p\u003e\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9783844396355\"\u003e\u003ch3\u003eBenefit Potential of Inventory Control Theory\u003c\/h3\u003e\u003c\/div\u003e","brand":"Autorenwelt Shop","offers":[{"title":"Softcover - 9783844396355","offer_id":39471183560797,"sku":"9783844396355","price":68.0,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/c2542cf9-c350-4c62-9fad-e0dd281cf240.jpg?v=1755666552","url":"https:\/\/shop.autorenwelt.de\/en\/products\/decision-making-in-inventory-management-von-biswaranjan-mandal","provider":"Autorenwelt Shop","version":"1.0","type":"link"}