Author(s): Manisha Meena and Anil Kumar Sharma

Abstract: Inventory management plays a crucial role in ensuring the smooth operation of businesses, as it directly affects supply chain efficiency, cost management, and customer satisfaction. In research studies on inventory models, particularly those incorporating shortages, a robust methodology is essential for accurately evaluating inventory systems, optimizing order quantities, and determining cost-effective replenishment strategies. The fundamental goal of this research is to analyze and improve inventory management by incorporating shortages into EOQ models. The presence of shortages in inventory systems poses significant challenges for businesses, including increased operational costs, customer dissatisfaction, and disruptions in supply chains. A comprehensive methodological framework is necessary for addressing the complexities of inventory systems, particularly when shortages are involved. The research follows a structured approach, incorporating both qualitative and quantitative methods to evaluate existing inventory models, assess their limitations, and propose enhancements. The methodology encompasses various aspects, including data collection from businesses, mathematical modeling, sensitivity analysis, and validation techniques. Presentation of data is an integral part of the analysis of research since it supports the systematic categorization, synopsis, and graphic presentation of accrued data. During this research, data on inventory management, models of economic order quantity (EOQ), as well as effects of inventory expense on business operations, are laid out in formats such as tables, charts, and graphs.

Pages: 65-68 | Views: 80 | Downloads: 3

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