Best Practice in Inventory Management

ISBN-10: 0750654589
ISBN-13: 9780750654586
Edition: 2nd 2002 (Revised)
Authors: Tony Wild
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Description: Good management of inventory enables companies to improve their customer service, cash flow and profitability. 'Best Practice in Inventory Management' outlines the basic techniques, how and where to apply them, and provides advice to ensure they  More...

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Book details

List price: $72.95
Edition: 2nd
Copyright year: 2002
Publisher: Routledge
Publication date: 8/9/2002
Binding: Paperback
Pages: 278
Size: 6.00" wide x 9.00" long x 0.50" tall
Weight: 0.968
Language: English

Good management of inventory enables companies to improve their customer service, cash flow and profitability. 'Best Practice in Inventory Management' outlines the basic techniques, how and where to apply them, and provides advice to ensure they work to produce the desired effect in practice. the book shows how inventory management techniques can be used in a wide variety of situations, particularly in stores where the inventory can be anything from fast moving products to slow moving spares. The discussion extends across distribution warehousing and manufacturers' operations. The text is based on best theory and practice, which has been gradually developed by the inventory management profession over the years. It covers the inventory control aspects included in the courses for the DPIM, COM, DLM, CPIM and other professional and academic qualifications. Readers develop their understanding of stock control by seeing the techniques explained logically and learn how inventory structuring, individual item control, forecasting and co-ordination provide the base for logistics management. This new edition has been up-dated throughout and the final chapter, The Future - Inventory and Logistics, has been re-written to reflect the developing applications of technology and changes in focus.

TONY WILD, BSc, MSc, PhD, MIOM, is a specialist in logistics and materials management. He has been closely associated with the development of logistics supply chains for many high-technology companies. Dr. Wild is Managing Director of Midas Consultants and has had a long association with the Institute of Operations Management (formerly BPICS) acting as council member, treasurer, and branch president.

Preface
Introduction
The basis of inventory control
The role of inventory management
Objectives for inventory control
Profit through inventory management
Reasons for the current stock
Customer service
Meeting customer requirements
Measuring availability
Demand management
Managing the inventory
Using Pareto analysis for control
Stock cover
Practical methods of reducing stockholding
The approach - how to reduce stocks successfully
Just-in-time management
The zero inventory philosophy
JIT environment
Advantages of JIT
Stock control using JIT
Organization and management
Where stock control fits into the organization
Responsibilities and targets
Inventory valuation
Skills and systems
Safety stocks
Learning from history
Normal demand patterns
Evaluation of safety stocks
Setting the right stock levels
Simple assessment of review levels
Managing lead times
Target stock levels
The changing role of purchasing
Modern supply practice
Supply partnerships
The ordering process
Order quantities
Purchasing processes
Forecasting demand
Options for assessing demand
Causes of forecasting inaccuracy
Methods of improving forecasts
Historical forecasting techniques
Basic forecasting techniques
Weighted averages
Choosing the best forecast
Monitoring forecasts
Advanced forecasting methods
More forecasting tools
Forecasting for seasonal sales
Other methods
Material requirements planning - an alternative to forecasting
Avoiding uncertainty
Material requirements planning
Master planning
Batch sizes
The future - inventory and logistics
The basis of the lean supply chain
Logistics
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