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Essentials of Inventory Management

by

Essentials of Inventory Management Cover

 

Synopses & Reviews

Publisher Comments:

The most thorough introduction available regarding inventory management—now thoroughly updated and expanded—Essentials of Inventory Management gives you the answers you need to every question you’ll ever have about core inventory concepts, from a financial, physical, forecasting, and operational standpoint. Whether you’re a seasoned inventory control professional, new to stockroom/ warehouse management, or a small business owner who needs to keep on top of everything, this essential guide provides you with timeless stock-keeping fundamentals for optimizing efficiency and driving profits.

Perfect for both instructional and on-the-job use, this nontechnical yet thorough guide helps you understand business realities and to make decisions that balance current demand with future needs while keeping overhead and operating costs to a minimum. Focusing on daily-use inventory concepts and enabling you to analyze and fix dysfunctions when they occur, the book provides the tools and practical guidance you need to:

• Forecast inventory levels and undertake stock replenishment so you have the right items, in the right quantities, at the right time, and in the right place.

• Apply simple formulas to compute breakeven points, profit margins, markups and markdowns, as well as selling price and margin percentages.

• Use financial ratios to improve the operation of your business.

• Manage inventory as both a physical and database object.

• Set up effective stock locator systems.

• Implement efficient item placement theories.

• Consider the differences between finished-goods (retail) inventories and raw materials or work-in-process (manufacturing) inventories.

• Decide when to dispose of dead stock.

• Choose the right cycle counting method for your organization and use it to head off long-range problems.

• Understand materials requirements planning (MRP) and just-in-time (JIT) inventory systems.

• Guard against supply chain risks.

From physical stock issues to problem identification and resolution to technologies like RFID and other automated inventory mechanisms, the second edition of Essentials of Inventory Management is a no-nonsense, how-to-get-it-done-right guide every inventory manager will turn to again and again.

MAX MULLER is an attorney who has been chief executive officer or chief operating officer for numerous companies distributing products ranging from food to ATMs to safety equipment. An authorized General Industry Outreach Trainer for the Occupational Safety and Health Administration (OSHA), U.S. Department of Labor, his seminars throughout the United States, Canada, and the United Kingdom have drawn more than 100,000 attendees. His books include The Manager’s Guide to HR as well as the first edition of Essentials of Inventory Management.

Synopsis:

Inventory management is about more than counting what you’ve got. It’s about understanding business realities and making decisions that balance current demand with future needs—while keeping overhead and operating costs to a minimum.

Now in its Second Edition, Essentials of Inventory Management gives inventory professionals the information they need to maximize productivity in key areas, from physical stock issues to problem identification and resolution to technologies like RFID and other automated inventory mechanisms. Perfect for novice and veteran managers alike, this ultra-practical book covers topics such as:

Forecasting and replenishment strategies • Differences between retail and manufacturing inventories • Materials requirements planning and just-in-time inventory systems • Simple formulas for calculating quantities and schedules • Management of inventory as a physical reality and a monetary value • Supply chain risk management

Complete with detailed examples, handy tools, and a revised and expanded chapter analyzing “Why Inventory Systems Fail and How to Fix Them,” this nontechnical yet thorough guide is perfect for both instructional and on-the-job use.

Synopsis:

"Most inventory professionals would gladly trade all the ""latest thinking"" books for a guide they could use to do their jobs better right now. Essentials of Inventory Management! presents ready-to-use information in key areas from physical control and layout to problem identification and resolution. Concentrating on daily-use inventory concepts, this practical workplace companion specifically addresses:

* Forecasting and replenishment strategies

* Differences between finished-goods (retail) inventories and materials or work-in-process (manufacturing) inventories.

* Materials requirements planning (MRP) and just-in-time (JIT) inventory systems

* Managing inventory as both a physical object and a monetary value

* Applying simple formulas to calculating quantities

* Analyzing and remedying dysfunction

Plus, the book covers theft prevention, legal obligations, and the managment of natural, technological, and incited emergencies. In all, it’s the most thorough introduction available to the inventory management profession."

About the Author

MAX MULLER has been an executive for a wide range of product distributors. His seminars throughout the United States, Canada, and the United Kingdom have drawn more than 100,000 attendees. His books include The Manager’s Guide to HR (978-0-8144-1076-9).

Table of Contents

Contents

Preface to the Second Edition

Chapter 1 Inventory as Both a Tangible and an

Intangible Object

Inventory—Who Needs It?

Inventory Costs

The Purpose of Inventory

Types of Stock

Tracking the Paper Life

Electronic Data Interchange

Recap

Review Questions

Chapter 2 Inventory as Money

Accounting for Inventories

How Inventory Is Valued Inventory on the Balance Sheet

Inventory on the Income Statement

Ratio Analyses and What they Mean

Current Ratio

Quick Ratio or Acid Test

Inventory Turnover Ratio

Profit Margins

Calculating Gross Profit

Merchandising Metrics

Pricing Generally

Selling Price

Obsolete Stock

Why You Have Been Told Not to Dispose of

Obsolete Stock

Problems with Convincing Decision Makers

That “It’s Gotta Go”

Arguments in Favor of Disposing of Dead Stock

Methods of Disposal

Carrying Cost and Purchasing

Recap

Review Questions

Chapter 3 Physical Location and Control of Inventory

Common Locator Systems

Memory Systems

Fixed Location Systems

Zoning Systems

Random Locator Systems

Combination Systems

Common Item Placement Theories

Inventory Stratification

Family Grouping

Special Considerations

Location Addresses and SKU Identifiers

Significance

Keys to Effectively Tying Together SKUs and

Location Addresses

Recap

Review Questions

Chapter 4 Automatic Identification

The Basics of Bar Coding

Elements of a Bar Code Symbol

Structure of a Generic Bar Code Symbol 96

Quiet Zone

Start and Stop Characters

Data Characters

“X” Dimension

Symbologies: Bar Coding Structural Rules

Discrete and Continuous Symbologies

Symbology Summary

Popular Symbologies Found in the

Inventory World

Scanning Basics

Printing Basics

Bar Code Applications

The Basics of Radio-Frequency Identification

RFID Tag Types and Classes

Bar Code versus RFID

RFID Item Identification

The Advantages of RFID

The Problems Associated with RFID

Lack of RFID Standards

Money, Money, Money

System Disruption Vulnerability

RFID Reader Collision

RFID Tag Collision

Security, Privacy, and Ethics Problems with RFID

Recap

Review Questions

Chapter 5 Planning and Replenishment Concept

Replenishment Costs

Types of Inventory Management

Independent Demand Inventory

Economic Order Quantity Formula

Dependent Demand Inventory

Inventory Objectives

Enterprise Resource Planning

Recap

Review Questions

Chapter 6 Why Inventory Systems Fail and How to

Fix Them

Inventory system Failure: A Case Example

Discussion of Example Case

Metrics

Inventory Record Accuracy

Fill Rates

Tools with Which to Uncover System

Dysfunctions

Run Charts

Flow Charts

Logic Charts

Variance Reports

Cycle Counting

Annual Inventories

Cycle Counting

Cycle Count Methodologies

Control Group Cycle Counting Method

Location Audit Cycle Counting Method

Random Selection Cycle Counting Method

Diminishing Population Cycle Counting

Method

Product Categories Cycle Counting

Method

A-B-C Analysis Cycle Counting Method

When to Count

Who Should Count

Recap

Review Questions

Chapter 7 Basics of Supply Chain Risk Management

SCM in a Perfect World

Primary Risks in SCM

Globalization and Supply Chain Complexity

Conflicting Interests

System Fluctuations Over Time

Evolving Relationships

Product Complexity

Inadequacy of Insurance

Suppliers

The Bullwhip Effect

Disruption in Communications

Inadequate Software

Suggested Solutions to SCM Problems

Analysis of Risks

Supplier Assessment

Lessen the Bullwhip Effect through Coordination

Within the Supply Chain

Contracts That Do and Don’t Coordinate the

Supply Chain

Inventory Levels

Recap

Review Questions

Bibliography

Index

Product Details

ISBN:
9780814416556
Author:
Muller, Max
Publisher:
AMACOM/American Management Association
Subject:
Purchasing & Buying
Subject:
Production
Subject:
Operations Management
Subject:
Industrial Management
Subject:
BUSINESS STRATEGY
Subject:
Production & Operations Management
Edition Description:
Second Edition
Publication Date:
20110431
Binding:
HARDCOVER
Language:
English
Pages:
352
Dimensions:
9.25 x 6.13 in 1.2 lb
Age Level:
18

Related Subjects

Business » General
Business » Human Resource Management
Business » Management
Business » Project Management
Business » Strategy
Business » Writing
Health and Self-Help » Health and Medicine » General
Health and Self-Help » Health and Medicine » General Medicine
History and Social Science » Politics » General
History and Social Science » World History » General
Textbooks » General

Essentials of Inventory Management New Hardcover
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Product details 352 pages AMACOM/American Management Association - English 9780814416556 Reviews:
"Synopsis" by ,

Inventory management is about more than counting what you’ve got. It’s about understanding business realities and making decisions that balance current demand with future needs—while keeping overhead and operating costs to a minimum.

Now in its Second Edition, Essentials of Inventory Management gives inventory professionals the information they need to maximize productivity in key areas, from physical stock issues to problem identification and resolution to technologies like RFID and other automated inventory mechanisms. Perfect for novice and veteran managers alike, this ultra-practical book covers topics such as:

Forecasting and replenishment strategies • Differences between retail and manufacturing inventories • Materials requirements planning and just-in-time inventory systems • Simple formulas for calculating quantities and schedules • Management of inventory as a physical reality and a monetary value • Supply chain risk management

Complete with detailed examples, handy tools, and a revised and expanded chapter analyzing “Why Inventory Systems Fail and How to Fix Them,” this nontechnical yet thorough guide is perfect for both instructional and on-the-job use.

"Synopsis" by ,

"Most inventory professionals would gladly trade all the ""latest thinking"" books for a guide they could use to do their jobs better right now. Essentials of Inventory Management! presents ready-to-use information in key areas from physical control and layout to problem identification and resolution. Concentrating on daily-use inventory concepts, this practical workplace companion specifically addresses:

* Forecasting and replenishment strategies

* Differences between finished-goods (retail) inventories and materials or work-in-process (manufacturing) inventories.

* Materials requirements planning (MRP) and just-in-time (JIT) inventory systems

* Managing inventory as both a physical object and a monetary value

* Applying simple formulas to calculating quantities

* Analyzing and remedying dysfunction

Plus, the book covers theft prevention, legal obligations, and the managment of natural, technological, and incited emergencies. In all, it’s the most thorough introduction available to the inventory management profession."

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