Physical Inventory Using Sampling Methods

Marion R. Bryson

Journal of the Royal Statistical Society Series C, 1960, vol. 9, issue 3, 178-188

Abstract: An integral part of any commercial activity is the periodic counting of assets. In some larger establishments this is a major undertaking involving many man‐hours of labour. In this paper Dr Bryson presents a method of continuous inventory in which some quality control methods are used. The basic idea is to use sampling to determine when and where an inventory should be taken rather than use the customary method of taking an annual inventory at a pre‐set time. The results of the application of this method at two large government supply centres are described, and the method is compared with the annual inventory method.

Date: 1960
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