Essentials of Inventory Management

Inventory management involves a lot more than just counting what you've got. Now in a thoroughly updated and expanded second edition, Essentials of Inventory Management 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 database object Supply chain risk management. Perfect for novice and veteran managers alike, this ultra-practical book provides you with the up-to-date and ready-to-use information you need to maximize productivity in key areas from physical control and layout to problem identification and resolution. Along with detailed explanations of multiple cycle counting methodologies and financial statement insights for the nonfinancial manager, the book provides and explains the basic formulas that will allow you to compute breakeven points, profit margins, markups and markdowns, as well as selling price and margin percentages. You'll learn how to employ basic problem-solving techniques toward issue resolution, control the physical location of inventory in a more efficient manner, select the cycle counting inventory method that is right for you, and appreciate the fundamental differences between finished goods inventories in the retail/distribution sectors and raw materials and work-in-process inventories found in the manufacturing environment. Getting past the theory and into the daily, practical techniques and strategies that will enable you to do a better job managing your inventory, Essentials of Inventory Management remains the go-to guide for all inventory management professionals."