Inventory Management is a vital part of a large scale as well as small scale business. The present work consists of a number of real life inventory problems for different types of demand pattern such as: deterministic, price sensitive, stochastic, etc. In my book, I have mainly tried to highlight two common phenomena which are often occurred in market place: (a) existence of imperfect quality items in ordered lot size or in production lot and (b) occurrence of shortages. Besides these, I have also emphasized on market goodwill and backlogging. For maintaining brand image in market it is assumed that only good quality items are used to meet customers demand and the imperfect or defective items which are accumulated after completion of screening process are either sold in a single batch or send for rework. Again, I have focused on the concept of JIT (JUST-IN-TIME) approach and its utility. JIT is a very new concept in inventory literature. The idea of JIT-production is also discussed in this book.