Best Practice in Inventory Management

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Routledge, 2002 - Business & Economics - 265 pages
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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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Contents

Introduction
1
1 The basis of inventory control
4
2 Customer service
17
3 Managing the inventory
33
4 Justintime management
59
5 Organization and management
78
6 Safety stocks
96
7 Setting the right stock levels
112
9 Forecasting demand
152
10 Historical forecasting techniques
164
11 Advanced forecasting methods
187
12 Material requirements planning an alternative to forecasting
197
13 The future inventory and logistics
212
Questions and answers
231
Index
263
Copyright

8 The changing role of purchasing
129

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About the author (2002)

Tony Wild has spend a great deal of time solving real inventory issues for businesses in a variety of industries from aerospace to retail consumables, automotive to process chemicals. The result of this work has led Tony to produce and refine this book so that others can avoid some of the pitfalls. From an academic start (B.Sc, M.Sc. Ph D), and a manufacturing and warehousing career in production control and materials management, Tony has specialised in this challenging field. He is Managing Director of Midas Consultants, who are leading experts in inventory management.

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