A heuristic for inventory management of slow-moving items |
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Authors: | JORGE HADDOCK NATARAJAN T IYER AMIT NAGAR |
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Institution: | Department of Decision Sciences and Engineering Systems , Rensselaer Polytechnic Institute , Troy, New York, 12180-3590, USA. |
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Abstract: | Abstract. The traditional approach in the study of inventory systems is to give more importance to items whose demands are either large or very difficult to forecast, discounting the importance of inventory items with small demand. The objective of this paper is to present a simple and practical heuristic to the slow-moving items problem. First we provide insight into previous work in this area and also give a brief outline of classical models in stochastic inventory theory. Then we present the proposed approach and detail the heuristic. We summarize the paper with an analysis of the simulation results and finish with the conclusions that are drawn from the results. |
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Keywords: | inventory control slow-moving items simulation heurisitc |
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