Statistical Inventory Management

David Frederick Ross
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David Frederick Ross: APICS

Chapter 8 in Distribution Planning and Control, 2015, pp 357-405 from Springer

Abstract: Abstract Chapter 7 discussed the purpose and function of inventory management. Among the major points covered were explaining why companies carry inventory, defining the purpose and function of inventory, detailing the components of inventory decision-making, defining elements of inventory cost, performing inventory valuation, and working with inventory cost-benefit trade-off analysis and performance measurements. This chapter continues the discussion on inventory management by examining how inventory is replenished in an independent demand (non-production) environment. Inventory is one of the largest investments made by the typical company. Effectively managing inventory replenishment enables companies to maximize company profits by maximizing customer service, minimizing operations costs, and minimizing inventory investment.

Keywords: Inventory Replenishment; Reorder Point (ROP); Replenishment Lead Time; Replenishment Order; Safety Stock (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-1-4899-7578-2_8

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DOI: 10.1007/978-1-4899-7578-2_8

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