A BRIEF LITERATURE REVIEW ON INVENTORY MANAGEMENT

Abstract

Inventory management is the activity of controlling the continuous flow of inventory in any organization,
which is into either production, trading, sales, or services. In spite of the reality that the rise of inventory management is
inexact, it would be safe to say that shopkeepers and merchants were some of the initials to explore into these fields. Yet
the interest in this managerial field is still great in the phase of optimizing. Low inventory usually results in the stock outs
and maintaining excess inventory results in additional holding costs. Inventory management is an essential and much
required activity that every organization would like to consider various purposes in order to maintain the customer’s
good will and to make comparatively high profits. The goal of each inventory planner is to achieve optimum inventory
controlling plan. In this paper, an attempt is made to cover most of the techniques and models developed in order to
achieve the most accurate, effective, and efficient inventory-managing plan from traditional methods to soft computing
techniques, which are more user friendly in present days in the least possible time.