5 Conclusion

Conventionally, inventory planning is discussed for purchase as well as production inventory. However, in recent times, innovation activities are given due significance in business or industrial organizations. This book especially covers innovation aspects in inventory planning and the focus is on costs. Thus, the innovation efforts in procurement and manufacture of products are highlighted so that it becomes easier to estimate the cost pertaining to the innovation efforts. Such innovation costs are incorporated in the planning for inventories where the inventories refer to the purchase and production domain in an organization. Before discussing the scope and benefits of the approach, the concluding remarks are also provided.

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