August 2020
Intermediate to advanced
318 pages
8h 20m
English
Content preview from Inventory Optimization
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Part I Deterministic Supply Chains
1 Inventory Policies
An inventory policy determines how much and when a product should be ordered (or produced).1 Inventory policies determine how the products flow through a supply chain. We can categorize them into two types, based on when the inventory review is done:
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Continuous review policies: an order can be made at any time.
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Periodic review policies: the orders can only be made at specific times.
Let’s discuss in detail three of the main inventory policies used in practice.
1.1 Policy #1 – Continuous Review and Reorder Point
In this first inventory policy, we order our products based on a fixed threshold: as soon as the net inventory reaches the threshold (or goes below), we order a ...
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