An Analysis on Deterministic Inventory Model...

An Analysis on Deterministic Inventory Models and Applications

Author Name : Are Rajender

DOI: https://doi.org/10.56025/IJARESM.2024.120924336

ABSTRACT Deterministic inventory models have played a crucial role in optimizing inventory management processes across various industries. These models, which assume a known and constant demand rate, provide a structured framework for decision-making in supply chain management. This paper explores the foundational concepts of deterministic inventory models, delving into their mathematical formulations and practical applications. Key models such as the Economic Order Quantity (EOQ) and the Economic Production Quantity (EPQ) are analyzed in detail. The paper also discusses the implications of these models in real-world scenarios, highlighting their effectiveness in minimizing costs related to ordering, holding, and stockouts. Through a comprehensive review of existing literature and case studies, the paper aims to present a clear understanding of how deterministic inventory models contribute to efficient inventory control and overall supply chain performance.