Inventory Management

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Classical inventory management focuses on cost minimization as a performance measure, where many cost parameters are difficult to estimate and inventory system costs are hidden. Constantly changing in response to international competition and new technology, inventory management requires a new family of performance measures that represent situations more realistically. Establishing the foundation for new areas of research, Inventory Management: Non-Classical Views focuses on the need to design inventory systems that serve as a means of flexibility, to develop performance measures other than cost to control inventory, and to view inventory as a contributor to customer value creation.