Inventory Management: Principles and Models

This lecture covers the basic principles of inventory management, including understanding inventory management methods, types of inventory such as raw materials and components, and the goals of inventory management. It also delves into relevant inventory costs, common decision variables in inventory management, and models like Economic Order Quantity (EOQ) and Economic Production Quantity (EPQ). The lecture explores the concept of quantity discounts and their impact on total costs, as well as the challenges companies face in implementing optimal order quantities.