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Essentials of Inventory Managementby Max Muller
Synopses & Reviews
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.
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.
"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
Preface to the Second Edition
Chapter 1 Inventory as Both a Tangible and an
Inventory—Who Needs It?
The Purpose of Inventory
Types of Stock
Tracking the Paper Life
Electronic Data Interchange
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
Quick Ratio or Acid Test
Inventory Turnover Ratio
Calculating Gross Profit
Why You Have Been Told Not to Dispose of
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
Chapter 3 Physical Location and Control of Inventory
Common Locator Systems
Fixed Location Systems
Random Locator Systems
Common Item Placement Theories
Location Addresses and SKU Identifiers
Keys to Effectively Tying Together SKUs and
Chapter 4 Automatic Identification
The Basics of Bar Coding
Elements of a Bar Code Symbol
Structure of a Generic Bar Code Symbol 96
Start and Stop Characters
Symbologies: Bar Coding Structural Rules
Discrete and Continuous Symbologies
Popular Symbologies Found in the
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
Chapter 5 Planning and Replenishment Concept
Types of Inventory Management
Independent Demand Inventory
Economic Order Quantity Formula
Dependent Demand Inventory
Enterprise Resource Planning
Chapter 6 Why Inventory Systems Fail and How to
Inventory system Failure: A Case Example
Discussion of Example Case
Inventory Record Accuracy
Tools with Which to Uncover System
Cycle Count Methodologies
Control Group Cycle Counting Method
Location Audit Cycle Counting Method
Random Selection Cycle Counting Method
Diminishing Population Cycle Counting
Product Categories Cycle Counting
A-B-C Analysis Cycle Counting Method
When to Count
Who Should Count
Chapter 7 Basics of Supply Chain Risk Management
SCM in a Perfect World
Primary Risks in SCM
Globalization and Supply Chain Complexity
System Fluctuations Over Time
Inadequacy of Insurance
The Bullwhip Effect
Disruption in Communications
Suggested Solutions to SCM Problems
Analysis of Risks
Lessen the Bullwhip Effect through Coordination
Within the Supply Chain
Contracts That Do and Don’t Coordinate the
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