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.
Donald Waters has degrees from the Universities of Sussex, London and Strathclyde. He worked for a variety of organizations in the UK before moving to Canada to become Professor of Operations Management at the University of Calgary. In 1997 he returned to the UK to become Chief Executive of Richmond, Parkes and Wright, whose main interests are in management research, education and training. Dr. Waters continues to work for organisations around the world, using his specialist knowledge of operations and supply chains. He has written a number of successful books in these areas.
Preface. PART I: INTRODUCTION. 1. Stocks and Inventories. 2. Stocks within an Organisation. PART II: METHODS FOR INDEPENDENT DEMAND . 3. Economic Order Quantity . 4. Models for Known Demand. 5. Models for Uncertain Demand. PART III: INFORMATION FOR INVENTORY MANAGEMENT. 6. Sources of Information . 7. Forecasting Demand . 8. Planning and Stocks . PART IV: METHODS FOR DEPENDENT DEMAND. 9. Material Requirements Planning. 10. Just-in-Time. Index.