Principles of Inventory Management When You Are Down to Four, Order
Inventories are prevalent everywhere in the commercial world, whether it be in retail stores, manufacturing facilities, government stockpile material, Federal Reserve banks, or even your own household. This textbook examines basic mathematical techn
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John A. Muckstadt Amar Sapra
Principles of Inventory Management When You Are Down to Four, Order More
John A. Muckstadt School of Operations Research and Information Engineering Cornell University 286 Rhodes Hall Ithaca, NY 14853-3801 USA [email protected]
Series Editors: Thomas V. Mikosch Department of Mathematical Sciences University of Copenhagen DK-1017 Copenhagen Denmark [email protected]
Amar Sapra Department of Quantitative Methods and Information Systems Indian Institute of Management Bangalore Bannerghatta Road Bangalore 560 076 India [email protected]
Stephen M. Robinson Department of Industrial and Systems Engineering University of Wisconsin-Madison Madision, WI 53706 USA [email protected]
Sidney I. Resnick Cornell University School of Operations Research and Information Engineering Ithaca, NY 14853 USA [email protected]
ISSN 1431-8598 ISBN 978-0-387-24492-1 e-ISBN 978-0-387-68948-7 DOI 10.1007/978-0-387-68948-7 Springer New York Dordrecht Heidelberg London Library of Congress Control Number: 2009939430 Mathematics Subject Classification (2010): 90-01, 90B05, 90C39 © Springer Science+Business Media, LLC 2010 All rights reserved. This work may not be translated or copied in whole or in part without the written permission of the publisher (Springer Science+Business Media, LLC, 233 Spring Street, New York, NY 10013, USA), except for brief excerpts in connection with reviews or scholarly analysis. Use in connection with any form of information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed is forbidden. The use in this publication of trade names, trademarks, service marks and similar terms, even if they are not identifies as such, is not to be taken as an expression of opinion as to whether or not they are subject to proprietary rights. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
To my wife, Linda, my parents, my children, and grandchildren, who have supported and inspired me. —Jack Muckstadt To my parents and siblings for their continued support and encouragement. My parents have lived a difficult life and have denied themselves most pleasures in life just to make sure that their children were able to obtain the best possible education. —Amar Sapra
Preface
The importance of managing inventories properly in global supply chains cannot be denied. Each component of these numerous supply chains must function appropriately so that inventories are managed efficiently. To manage efficiently requires the leaders and staffs in each organization to comprehend certain basic principles and laws. The purpose of this book is to discuss these principles. The contents of this text represent a collection of lecture notes that have been created over the past 33 years at Cornell University. As such, the topics discussed, the sequence in which they are presented, and the level of
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