This third edition, which has been fully updated and now includes improved and extended explanations, is suitable as a core textbook as well as a source book for industry practitioners. It covers traditional approaches for forecasting, lot sizing, determination of safety stocks and reorder points, KANBAN policies and Material Requirements Planning. It also includes recent advances in inventory theory, for example, new techniques for multi-echelon inventory systems and Roundy's 98 percent approximation. The book also considers methods for coordinated replenishments of different items, and various practical issues in connection with industrial implementation.
Other topics covered in Inventory Control include: alternative forecasting techniques, material on different stochastic demand processes and how they can be fitted to empirical data, generalized treatment of single-echelon periodic review systems, capacity constrained lot sizing, short sections on lateral transshipments and on remanufacturing, coordination and contracts. As noted, the explanations have been improved throughout the book and the text also includes problems, with solutions in an appendix.
The main focus of Sven Axsater's research has been production and inventory control. Past and current interests include: hierarchical production planning, lot sizing and most recently multi-echelon inventory systems. He has published numerous papers in the leading journals in his research area. Sven Axsater has also served in an editorial capacity in various journals, including many years of service as Associate Editor of both Operations Research and Management Science. Sven Axsater has been President of the International Society of Inventory Research and Vice President of the Production and Operations Management Society. In 2005 he was awarded the Harold Larnder Memorial Prize by the Canadian Operational Research Society for distinguished international achievement in Operational Research. He received the MSOM Distinguished Fellow Award in 2008. In addition, he has a vast consulting experience in the inventory management area. He has implemented inventory control in several companies and has also developed software for commercial inventory control systems.