Adcances and applications of stochastic inventory management

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Matching supply and demand is one of the basic day-to-day operations engaged by firms in Canada and elsewhere. Despite the simplicity of stating the goal of this process, managing supply and demand in practice has often produced disappointing results, suffering from both inadequate customer service and chronically high excess inventory at all levels of supply networks. The complexity and difficulty of these problems have been amplified by the depth and breadth of the ever-expanding supply networks, often involving a vast array of international subsidiaries or partners, as well as the proliferation of product variety and the fast-changing consumer trends. Properly managing inventory and supply chain systems provides a competitive advantage, by dramatically reducing cost and increasing the profitability and efficiency of firms and other organizations.