Inventory Models In Business And Industry: A Comparative Review And Analytical Study

Efficient inventory management is a cornerstone of successful business and industrial practices. It not only ensures uninterrupted operations but also minimizes costs and improves customer satisfaction. This paper conducts a comparative evaluation of major inventory models, including Economic Order Quantity (EOQ), Just-In-Time (JIT), stochastic approaches, multi-echelon frameworks, and advanced Artificial Intelligence (AI)-based systems. Their theoretical bases, practical uses, advantages, and limitations are examined in detail. Drawing from extensive literature and case-based evidence, the study shows that no single model universally fits all contexts. Instead, organizations benefit most from hybrid or situation-specific approaches that align with strategic objectives and operational conditions.