With globalization and an increase in the use of information technology and communications (ITC), customers have become more demanding, both in terms of cost and service. In any supply chain, inventories play a very important role in keeping the optimal balance between cost and service. Survival and growth of any firm depend upon the sound management of the inventories. Firms appreciate the significance of exploiting advances in inventory optimization and developing replenishment policies to address complex inventory problems.
Motivated by difficulties face by inventory managers in choosing optimal balance between cost and service with existing inventory policies, optimal replenishment policies are developed for stochastic inventory systems to provide realistic solutions to the inventory problems. The current research work is done during my PhD (2011-2018) duration at PDPM IIITDM Jabalpur under the guidance of Dr. Sunil Agrawal, Associate Professor in Mechanical Engineering Discipline, PDPM IIITDM Jabalpur.
The objective of the research is to provide pertinent managerial insights and support in decision making. It is hoped that the developed optimal policies can be applicable in inventory optimization in service firms and retail stores.
Moreover, I look to publish our work in the respected academic journals, so that the work can be reached to larger audiences. Consistent with these objectives, my research utilizes many approaches within the optimization paradigm such as mathematical study on calculus, excel macro programming and evolutionary algorithms are used to develop models. MATLAB is used to solve the models.