Review of Inventory Models using Scientific and Mathematical Methods

Abstract

Inventory management plays a critical role in the smooth operation of supply chains and business profitability. This review paper delves into the realm of inventory models, focusing on their development and application through scientific and mathematical methodologies. The objective is to provide a comprehensive overview of the various approaches employed in optimizing inventory systems, emphasizing the importance of quantitative analysis in decision-making. The paper first introduces the significance of effective inventory management in achieving cost efficiency and customer satisfaction. It highlights the challenges posed by fluctuating demand, supply uncertainties, and the delicate balance between overstocking and stockouts