A Survey of Inventory Theory and Practice.
GEORGE WASHINGTON UNIV WASHINGTON D C INST FOR MANAGEMENT SCIENCE AND ENGINEERING
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This paper highlights the major developments in inventory theory from the development of the economic lot size formula in 1915 to the present day models. Also, current practice in inventory control is investigated with a detailed look at one of the biggest users of inventory control policies, the Department of Defense. Gaps between the theory and the practice of inventory control are noted and conjectures made as to the possible reasons for the gaps. Finally, current trends and speculations as to the future are discussed. Author
- Administration and Management