Abstract:
Industrialization is a vital part of the modernization process. The world's industrialisation is speeding up, in its wake, it has given rise to a number of managerial problems. Among them, the problem of inventory management is the more significant. On the one hand, every industrial undertaking is witnessing the ever-increasing cost of inputs, which accounts for nearly 60% of total costs. On the other hand, due to intense rivalry in the industry, there are restrictions on raising the price of finished items. Industrial enterprises are pushed to handle their limited resources more effectively because they have no any other option. The annual number of inventory management papers has increased dramatically since the mid-1990s. Researchers undertake such pertinent study in a variety of ways. For starters, classic inventory control methods are the focus of the majority of papers in logistics journals. These studies assess classic inventory control models under specific settings or include new factors into existing models. Another prominent issue is finding techniques to lower the amount of inventory that a warehouse must hold, which relates to minimizing safety stock through warehouse centralization.
