Gürler, Ülkü Industrial Engineering Department, Bilkent University, Ankara, Turkey.
Berk, Emre Industrial Engineering Department, Bilkent University, Ankara, Turkey.
Last reviewed:December 2019
- Reasons for carrying inventories
- Costs of carrying inventories
- Inventory control policies
- MRP and ERP systems
- ABC analysis
- Related Primary Literature
- Additional Reading
Inventory refers to a stockpile of goods stored in anticipation of future demands. Inventory control is the process of managing the quantity and timing of replenishment of stored goods, while satisfying demands adequately and economically. Inventory control policies are decision rules that focus on the trade-off between the costs and benefits of alternative solutions to questions of when and how much to order for each different type of item. Inventories can be found in both retail and production settings; depending on their location on a supply chain, they may be raw materials, work-in-progress (WIP), or finished goods. Each item carried in stock is assigned a specific code and referred to as a stock keeping unit (SKU); typical retail inventories may involve tens of thousands of SKUs.
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