Inventory Management: Advanced Methods

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Inventory Management:
Advanced Methods for Managing Inventory within Business Systems

By Geoff Relph and Catherine Milner

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This book aims to achieve a balance between the philosophical and the practical, providing a mixture of theory, step-by-step instructions, and practical examples to help managers smooth out their inventory management processes and streamline operations. Case studies from diverse industries—from supermarkets to aerospace—help to illustrate the challenges faced in managing inventory in today's world.

KEY TAKEAWAYS: Effective inventory management increases revenue, reduces costs, and improves cash flow. While board members set an organization's inventory budget, it's up to the inventory manager to know how much to have in stock, and when, where, and why. An effective manager operates within the budget and maximizes available resources to control and balance the flow of inventory using the latest methodologies and best practices.

Geoff and Catherine explore the complexity of inventory management and present and explain a range of both item level and aggregate planning tools.

They home in on the most important decisions managers need to make when managing inventory ands show how inventory management should work in the real world, how to control it, and how to balance it – through their use of their revolutionary K-curve planning approach.

The book contains many useful case studies drawn from their own experiences with a wide range of businesses in different sectors.

They also include helpful figures and diagrams plus detailed excel instructions which enable the reader to construct an Excel-based model capable of enabling them to use the K-curve methodology for themselves.

The book is published by Kogan Page (July 2015).

Inventory Management provides a comprehensive overview of the key methodologies to address inventory optimisation. It ranges from re order points through to k curve applications. It will provide both the student a first class reference book and also the business owner the knowledge to apply more quantitative techniques to enable their inventory planning to be more effective and targeted.
Colin Mills Chief Operating and Financial Officer, Acenta Steel Limited
The inventory budget is typically set in the boardroom as a financial amount as part of a business plan. The decisions of what inventory to hold has to be taken at a detail level – what items, where, when, what quantity? Determining the link between the boardroom budget and the item level decisions has been the challenge for operations managers and planning teams for many decades. It is this critical linkage that this book sets out to examine.
Excerpt from introduction