Construct · 1 fields · 2 citations

inventory: a standalone construct

One name. One construct. A landmark on the map.

● anchor · a standalone construct Nearest construct by meaninginstrumentcompare the meanings
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inventory1 CONSTRUCTStock inventoryHARRIS · STOCK CONTROL

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Operations research and inventory theory

Stock of goods and its optimal control

The stock of goods and materials a firm holds, together with the mathematical problem of deciding how much to keep and when to reorder so that the cost of carrying stock is balanced against the cost of running short. Harris's 1913 How many parts to make at once derived the economic order quantity, the lot size that minimises the combined cost of ordering and of holding stock. Arrow, Harris, and Marschak's 1951 Optimal inventory policy extended the idea to uncertain demand and set out the reorder rules that still anchor the field. Here the word names a quantity of physical stock and the policy that governs it, counted in units held, not a questionnaire used to rate a person or a count of the species living in a place.[1][2]

Unit
A quantity of goods held in stock, counted in units or valued in currency
Recovery means
Not applicable
Measured by
Tracked by stock counts and order records, and modelled through order quantity, reorder point, and holding and shortage costs

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Nearby constructs

stock2 fields · 2 citationsjingle · one word, two constructsbiodiversity3 names · 4 citationsjangle · one idea, four rival measuresbatch1 fields · 2 citationsanchor · a standalone construct

References

  1. Harris, F. W. (1913). How many parts to make at once. Factory, The Magazine of Management, 10(2), 135–136, 152. (Reprinted in Operations Research, 38(6), 947–950, 1990) https://doi.org/10.1287/opre.38.6.947
  2. Arrow, K. J., Harris, T., & Marschak, J. (1951). Optimal inventory policy. Econometrica, 19(3), 250–272. https://doi.org/10.2307/1906813

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