3rd Edition

Best Practice in Inventory Management

By Tony Wild Copyright 2018
    294 Pages 54 B/W Illustrations
    by Routledge

    294 Pages 54 B/W Illustrations
    by Routledge

    Best Practice in Inventory Management 3E offers a simple, entirely jargon-free and yet comprehensive introduction to key aspects of inventory management. Good management of inventory enables companies to improve their customer service, cash flow and profitability. This text outlines the basic techniques, how and where to apply them, and provides advice to ensure they work to provide the desired effect in practice.

    With an unrivalled balance between qualitative and quantitative aspects of inventory control, experienced consultant Tony Wild portrays the many ways in which stock management is more nuanced than simple "number crunching" and mathematical modelling.

    This long-awaited new edition has been substantially and thoroughly updated.

    The product of decades of experience and expertise in the field, Best Practice in Inventory Management 3E provides students and professionals, even those with no prior experience in the area, an unbiased and honest picture of what it takes to effectively manage stocks in a firm.

    Table of Contents

    PREFACE

    INTRODUCTION

    1 THE BASIS OF INVENTORY CONTROL

    1.A The role of inventory management

    1.B Objectives for inventory control

    1.C Profit through inventory management

    1.D Reasons for the current stock

    2 CUSTOMER SERVICE

    2.A Customer Relations

    2.B Measuring availability

    2.C Demand management

    2.D Consuming forecast demand and supply lead time

    3 SHAPING INVENTORY

    3.A Using Pareto Analysis for control

    3.B ABC Analysis

    3.C Stock cover

    3.D Pareto stock balance

     

    4 PRACTICAL METHODS FOR REDUCING STOCKHOLDING

    4.A Approach to Inventory Reduction

    4.B The Reduction Project

    4 C Obsolete and Excess Stock

    5 MANAGEMENT AND CONTROL

    5.A Where stock control fits into the organisation

    5.B Responsibilities and targets

    5.C Skills and Systems

    5.D Inventory valuation

    6 LEAN SUPPLY

    6.A Lean Supply Philosophy

    6.B Lean Principles

    6.C Implementing lean

    6.D Operational benefits of Lean Supply

    6.E Developing Lean Operations

    7 SAFETY STOCKS

    7.A Learning from History

    7.B Normal demand patterns

    7.C Evaluating safety stocks

    8 SETTING THE RIGHT STOCK LEVELS

    8.A Simple Assessment of Review Levels

    8.B Managing Lead Times

    8.C Supplier Delivery frequency effects

    8.D Target stock levels

    9 PROCUREMENT

    9.A The Role of Supply Chain Procurement

    9.B Supply partnerships

    9.C Single Sourcing

    9.D Supply Partnerships

    9.E Vendor Appraisal

    9.F Pricing Methods

    10 DELIVERY QUANTITIES

    10.A Supply and Suppliers

    10.B Organising Repetitive Supply

    10.C Order types

    10.D Order quantities

    10.E Delivery Quantities

    10.F Scheduling supply

    10.G Supply Co-ordination

    10.H Purchasing Processes

    11 FORECASTING DEMAND

    11.A Options for assessing demand

    11.B Causes of forecasting inaccuracy

    11.C Methods of improving forecasting

    12 HISTORICAL FORECASTING TECHNIQUES

    12.A Basic Forecasting Techniques

    12.B Moving Average

    12.C Exponentially Weighted Averages

    12.D Improved Values for Mean Absolute Deviation

    12.E Choosing the Best Forecast - Focus Forecasting

    13 IMPROVED FORECASTING METHODS

    13.A More Forecasting Tools

    13.B Forecasting for seasonal sales

    14 DEPENDENT DEMAND

    14.A Avoiding uncertainty

    14.B Material requirements planning

    14.C Master planning

    15 SUPPLY CHAIN INVENTORY MANAGEMENT

    15.A The basis of the lean supply chain

    15.B Coordination

    15.C Supply Chain Operations

    15.D Replenishment Techniques

    16 MEETING THE CHALLENGES

    16.A Review

    16.B Recipe for success

    QUESTIONS & ANSWERS

    Biography

    Tony Wild, PhD, is Managing Director of Dawson Berkeley & Partners Ltd, UK. Tony is a leading expert on Inventory Management, developing and introducing new ideas in large and small companies in their Supply Chains, He is also lecturing at the University of Warwick. Tony would now like to pass on his secrets of success to generations of students and practitioners, who can use them and take up this exciting and challenging profession

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