Analytical Study of Production Inventory in a Manufacturing Industry

The problem of determining what to order, when to order, how much to order and how much to stock so that costs associated with ordering and holding are optimal without interrupting production or sales, has been one of the major challenges facing manufacturing industries in the world. The effective management of inventories is crucial for growth and survival of any manufacturing industry in this increasingly global competitive environment. For effective management of inventories, it is important to understand the interaction between demand forecasting and inventory control since this influences the performance of inventory system. This book focuses on developing appropriate forecasting models that can accurately forecast inventory requirements and also solve the problem of overstocking and under stocking of materials in manufacturing sector. This book is especially useful to professionals like industrial engineers, production/operations managers, or any manufacturing industry that wants to effectively manage its production inventory.