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Inventory management is considered to be an important field in Supply Chain Management because the cost of inventories in a supply chain accounts for about 30% of the value of the product. The service provided to the customer eventually gets enhanced once the efficient and effective management of inventory is carried out all through the supply chain. Estimation of the precise amount of inventory at each point in the supply chain devoid of excesses and shortages despite minimizing the total supply chain cost is a chief concern for the inventory and supply chain managers. The precise estimation of optimal inventory is essential since shortage of inventory yields to lost sales, while excess of inventory may result in pointless storage costs.
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