Determining the trade-offs of inventory management approaches in the face of Covid-19

Abstract

The COVID-19 pandemic has left a clear mark on virtually every area of human activity. Arguably, most prominent changes may be observed in the global supply chain where the delivery times have changed, and even minor outbreaks of the pandemic pose ever-increasing risks in logistics, supply, and infrastructure. The authors of the scientific study analyze supply chain management approaches and deal with the key aspects which are most suitable to tackle the COVID-19 crisis. This study identifies which area caused by the pandemic has been most problematic and proposes strategies and methods to help companies properly manage their stockpiles. Another important aspect of this scientific study is that the analysis of inventory management methods in a critical environment is performed by developing an agent-based model. Thus, the data from this study are completely new and allow a closer look and understanding of how the COVID-19 pandemic has affected the supply and stockpiling/storage issues. In this research, the authors focus on the supplier relationship and inventory level management. Here, they examine several different business scenarios, such as: central vs. distributed warehouses, local vs. global suppliers, etc. Due to the wide range of information, this book should attract not only those who are profoundly interested in the field but also inquisitive newcomers with an interest in the trade and product supply policy.