Advances in Economics, Management and Political Sciences
- The Open Access Proceedings Series for Conferences
Proceedings of the 2nd International Conference on Financial Technology and Business Analysis
Series Vol. 60 , 05 January 2024
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Research on the Inventory Management in the Modern Business
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Abstract
Inventory management plays a pivotal role in modern business operations, impacting operational efficiencies, financial security, and competitive advantages. This essay explores the multidimensional field of inventory management, delving into seminal research articles. It shows how accounting methods and strategic decision-making interact, shaping operational pathways. Operations research guides inventory management strategies' effectiveness assessment. Creating a culture of continuous improvement based on empirical observations is equally crucial. Innovations, like structured Markov Decision Processes (MDPs) with convex cost functions, bridge theory and real-world applications. The essay also examines forecasting errors' implications when relying too heavily on predictions, highlighting optimal control techniques as resilience tools in volatile environments. Contemporary inventory strategies balance precision and adaptability, focusing on supply/demand synchronization. Empirical case studies exemplify efficient responses to market changes. Variability management in inventory frameworks offers insights into resource allocation across diverse product lines. Lastly, the essay deconstructs the strategic implications of asymmetric sales changes on inventory strategies. In a globalized, technologically dynamic age with shifting market forces, prudent inventory management is imperative. This essay showcases its significance with empirical wisdom and academic rigor, illuminating quantitative precision, strategic insight, and operational excellence in modern business environments.
Keywords
Inventory management, strategic decision-making, operations research
References
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Data Availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
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- Volume Title
- Proceedings of the 2nd International Conference on Financial Technology and Business Analysis
- ISBN (Print)
- 978-1-83558-211-4
- ISBN (Online)
- 978-1-83558-212-1
- Published Date
- 05 January 2024
- Series
- Advances in Economics, Management and Political Sciences
- ISSN (Print)
- 2754-1169
- ISSN (Online)
- 2754-1177
- DOI
- 10.54254/2754-1169/60/20231247
- Copyright
- 05 January 2024
- Open Access
- This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited