Inventory Management Models in Supply Chains: A Literature Review

Abstract

In this paper, we review inventory management models for designing inventory policies for final products and raw materials in supply chains, considering random demand and lead times. (1) Random Demand Models, (2) Random Lead Times Models, (3) Inventory Policy Models, and (4) Integrated Inventory Management Model. For each section we present summary tables describing the main characteristcs of models found in the literature. Special emphasis is placed on the lack of methodologies for modeling random issues of the system. Research and development opportunities in the context of the Colombian industry are also identified.

Keywords

• inventory management
• demand randomness
• lead time randomness
• inventory policies
• management models