Best Practice in Inventory Management
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.
Explains how inventory management techniques achieve low stocks and improved customer serviceActs as a practical manual for making improvements in stock control and for saving moneyCovers the syllabi of the DPIM, COM, DLM and other professional and academic qualifications
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1 The basis of inventory control
2 Customer service
3 Managing the inventory
4 Justintime management
5 Organization and management
6 Safety stocks
7 Setting the right stock levels
8 The changing role of purchasing
Other editions - View all
20 per cent accurate assessment availability average demand average stock balance batch better bill of materials calculation Chapter class items consignment stock cost Current stock customer demand customer orders customer service factor delivery quantity demand level demand pattern dispatch distribution double exponential smoothing economic order quantity effect ensure example extra forecast demand forecast errors give high stock improvement increase inventory control inventory management inventory value JIT supply kanban large number major manufacturing master schedule Material requirements planning method monitoring month moving average normal normal distribution operating options order quantity Order receipt Pareto analysis period practice profit pull system reduce stock reorder result review level safety stock shown in Table situation stock cover stock items stock value stockholding stockout supplier supply chain supply lead techniques tracking signal turnover usage rate variability weeks