Inventory Control and Management
You might imagine stock as warehouses full of goods but every organization holds stock, even those providing the most intangible service. A small company of knowledge workers, for example, stores information and experience, and it faces the same problems of inventory management as a giant manufacturer with its stores of finished goods and components. As stocks are almost universal, we should start with the basic question, ‘Why do organizations hold stocks?’ The main answer is to allow for variations and uncertainty in supply and demand – they give a buffer between suppliers and customers, maintaining customer service even when there are problems in the supply chain. Unfortunately, this safeguard comes at a high price, and organizations are continually looking for ways of reducing their inventory costs without affecting service. In recent years this search has led to many changes. ‘Scientific inventory control’ is still at the core of inventory management, but it has been enhanced by requirements planning and just-in-time, with e-commerce giving a fast and efficient flow of material through an integrated supply chain.
Chapter 01 Stocks and Inventories
In this chapter we introduce the ideas that lie behind inventory management. We define the terms used, describe the general features of stocks, their purpose, importance and use. We describe some changes that have affected inventory management in recent years. Our aim is to set the scene for later chapters, taking a broad overview before moving on to more detailed discussions.
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Chapter 02 Stocks within an Organization
The last chapter gave a general introduction to inventory management. In this chapter we are going to look more specifically at the role of stock within an organization. We will see how stock allows an organization to work efficiently, achieve its broader aims, and maintain an acceptable level of customer service. The chapter describes the context for inventory management within an organization and introduces some of the methods.
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Chapter 03 Economic Order Quantity
This chapter introduces some quantitative models for inventory control. The first model takes an idealized stock and finds the fixed order size that minimizes costs. This is the economic order quantity, which is the basis of most independent demand methods. Related calculations and extensions to this basic model are developed in the following chapters.
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Chapter 04 Models for Known Demand
The last chapter described the economic order quantity. This analysis is based on a number of assumptions. In the next two chapters we describe some models where these assumptions are removed. This chapter keeps the condition that all variables take known values (giving deterministic models) while the next chapter allows some uncertainty (giving probabilistic models).
Download here
Chapter 05 Models for Uncertain Demand
The last chapter developed some models for controlling stock when the demand and costs all took fixed values that were known in advance. In this chapter we introduce uncertainty and develop some models where variables are not known exactly but follow known probability distributions. In particular, we focus on variable demand. Many models have been developed in this area, so we will concentrate on the most widely used.
Single link download here
Source: e-Learning unsoed
You might imagine stock as warehouses full of goods but every organization holds stock, even those providing the most intangible service. A small company of knowledge workers, for example, stores information and experience, and it faces the same problems of inventory management as a giant manufacturer with its stores of finished goods and components. As stocks are almost universal, we should start with the basic question, ‘Why do organizations hold stocks?’ The main answer is to allow for variations and uncertainty in supply and demand – they give a buffer between suppliers and customers, maintaining customer service even when there are problems in the supply chain. Unfortunately, this safeguard comes at a high price, and organizations are continually looking for ways of reducing their inventory costs without affecting service. In recent years this search has led to many changes. ‘Scientific inventory control’ is still at the core of inventory management, but it has been enhanced by requirements planning and just-in-time, with e-commerce giving a fast and efficient flow of material through an integrated supply chain.
Chapter 01 Stocks and Inventories
In this chapter we introduce the ideas that lie behind inventory management. We define the terms used, describe the general features of stocks, their purpose, importance and use. We describe some changes that have affected inventory management in recent years. Our aim is to set the scene for later chapters, taking a broad overview before moving on to more detailed discussions.
Download here
Chapter 02 Stocks within an Organization
The last chapter gave a general introduction to inventory management. In this chapter we are going to look more specifically at the role of stock within an organization. We will see how stock allows an organization to work efficiently, achieve its broader aims, and maintain an acceptable level of customer service. The chapter describes the context for inventory management within an organization and introduces some of the methods.
Download here
Chapter 03 Economic Order Quantity
This chapter introduces some quantitative models for inventory control. The first model takes an idealized stock and finds the fixed order size that minimizes costs. This is the economic order quantity, which is the basis of most independent demand methods. Related calculations and extensions to this basic model are developed in the following chapters.
Download here and here
Chapter 04 Models for Known Demand
The last chapter described the economic order quantity. This analysis is based on a number of assumptions. In the next two chapters we describe some models where these assumptions are removed. This chapter keeps the condition that all variables take known values (giving deterministic models) while the next chapter allows some uncertainty (giving probabilistic models).
Download here
Chapter 05 Models for Uncertain Demand
The last chapter developed some models for controlling stock when the demand and costs all took fixed values that were known in advance. In this chapter we introduce uncertainty and develop some models where variables are not known exactly but follow known probability distributions. In particular, we focus on variable demand. Many models have been developed in this area, so we will concentrate on the most widely used.
Single link download here
Source: e-Learning unsoed
