Essentials of Inventory Management

Essentials of Inventory Management

Essentials of Inventory Management

Essentials of Inventory Management

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 dysfunctionPlus, 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."

Excerpt

The objective of this chapter is to provide you with a basic understanding of the nature of inventory as both a tangible, physical item actually kept within the facility (“real life” or “shelf count”) and as an intangible item existing within the company's records (“paper life” or “record count”). Since you frequently make purchasing, sales, customer service, production planning, and other decisions based on whether or not an item is shown as being in-house as per your records, an item's paper life can be just as important as its real life.

Inventory—Who Needs It?

All organizations keep inventory. “Inventory” includes a company's raw materials, work in process, supplies used in operations, and finished goods.

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