Inventory Control and Management
Holding stock is expensive - problems of inventory control almost universal. Over the past decade organisations have been trying to improve customer service while lowering stocks and increasing the speed of material flow through their supply chains. This completely updated new edition reviews current thinking on inventory management. It emphasises the growth of e-commerce, and the trend away from classical models based on economic order quantities and towards dependent demand systems.
The author sets inventory management in its broader context, discussing the important trends and pressures for change. The main approaches are discussed and evaluated, giving the reader a broad appreciation of the principles involved. Some quantitative ideas are developed in the text, but the author has kept the mathematics to a minimum, focusing on practical examples and calculations on spreadsheets.
Assuming no prior knowledge of the subject area, this book provides students of management, operations management, management science and production - as well as practitioners- with an indispensable guide to inventory control.
Supplementary material for lecturers adopting Inventory Control and Management is available.
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Stocks and Inventories
Stocks within an Organization
Economic Order Quantity
8 other sections not shown
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aggregate plan aims back-orders batch calculate changes chapter closing stock coefficient of determination cost component cost curve cost per unit customer service decisions about stock delivery economic order quantity effects errors example final customers give HC x Qo holding cost holding stock independent demand methods inventory control inventory management kanbans lead time demand linear regression logistics look master schedule material requirements planning models moving needed Normally distributed number of units Opening stock operations optimal order ordering policy organization overall period place an order place orders Prob(D problems production profit RC x HC reduce reorder cost reorder level replenishment Review questions safety stock service level shortage cost shown in Figure spreadsheet stock cycle storage strategy suppliers supply chain unit cost units a month units a week valid minimum variable cost variation warehouse x RC x