An organization has to maintain a great amount of inventory to cushion the fluctuation in demand and supply. It is a significant job for the inventory control personnel to select an appropriate policy and maintain an optimum level of inventory. The selection of inventory policy is very much...

Today the market is moving toward multiformity, and it requires a variety in products, which in turn generates variation in demand that gives rise to many managerial problems such as planning, forecasting, production, inventory management, and timely distribution. To minimize the level of risk...