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Discussion Question-Research inventory management

Research inventory management. Explain, based on your research, how planning inventory is both an art and a science. In addition, suppose you are trying to reduce inventory in your company, without negatively affecting customer service. What actions might you be able to take to accomplish this task?

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Inventory planning is truly an art and a science. It is an art because it requires creativity in order to maximize its effectiveness. It also requires a sense of subjectivity and personal evaluation, usually through experience and innovation, for ensuring inventory planning is at its ideal point. However, inventory planning is also a science as it requires a literal and objective understanding of the various models and approaches that need to be used. For example, Just-In-Time and Min-Max, are a type of science that need to be considered through inventory planning. However, if we consider that models and theories are ...

Solution Summary

A research inventory management is examined. The actions which might be able to take to accomplish the task is determined.