Inventory Management Models in Supply Chains: A Literature Review

  • Valentina Gutiérrez Universidad de Antioquia
  • Carlos Julio Vidal Universidad del Valle
Keywords: inventory management, demand randomness, lead time randomness, inventory policies, management models


In this paper, we review inventory management models for designing inventory policies for final products and raw materials in supply chains, considering random demand and lead times. (1) Random Demand Models, (2) Random Lead Times Models, (3) Inventory Policy Models, and (4) Integrated Inventory Management Model. For each section we present summary tables describing the main characteristcs of models found in the literature. Special emphasis is placed on the lack of methodologies for modeling random issues of the system. Research and development opportunities in the context of the Colombian industry are also identified.

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Author Biographies

Valentina Gutiérrez, Universidad de Antioquia

Departamento de Ingeniería Industrial

Carlos Julio Vidal, Universidad del Valle

Escuela de Ingeniería Industrial y Estadística


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How to Cite
Gutiérrez, V., & Vidal, C. J. (2014). Inventory Management Models in Supply Chains: A Literature Review. Revista Facultad De Ingeniería Universidad De Antioquia, (43), 134-149. Retrieved from