Published Paper Details:

Inventory management is the activity of not only supervising and managing the ordering, usage and storage of items that an organization uses in the manufacture of the objects it sells but also overseeing and managing number of finished goods that are to be sold. The inventory in any business firm or organization is one of its dominant assets and represents an expenditure that is linked to the sale of the items. Successful inventory management requires creating a purchasing scheme to make sure that items are available whenever they are required and it is made sure that neither too much nor too little of them is bought which will lead to losses. There are various heuristic methods to obtain effective and efficient inventory schemes, out of which lot sizing is one of the commonly applied methods and the remaining are limited to the small instances in certain cases. Lot Sizing Problem (LSP) in inventory management systems refers to those problems that various firms face every day in properly organizing the overall production plans. Lot sizing plays a significant role in reducing the cost that incurs because of the improper inventory management. In the present work, a brief review on the efforts of various different scholars who have worked on lot sizing problems under different conditions and their achievements are provided.