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The strategic importance of efficient Supply Chain Management is today fully recognized by top management. The total investment in inventories is enormous, and the control of capital tied up in raw material, work-in-progress, and finished goods offers an important potential for improvement. At the same time, advances in information technology have drastically changed the possibilities to apply improved inventory control techniques. Furthermore, the recent progress in research has resulted in new and more general methods that can reduce the supply chain costs substantially. Scientific methods for production and inventory control can give a significant competitive advantage. INVENTORY CONTROL deals with a range of different approaches and models that can be used when developing inventory management systems and practices. The book's primary purpose is to serve as a core textbook in various university courses. In addition, it serves as a source book to industry practitioners to understand inventory control techniques and thereby simplify and promote implementation in practice. The second edition of INVENTORY CONTROL, which has been extended by more than 50 percent, satisfies both these objectives. It covers traditional approaches for forecasting, lot sizing, determination of safety stocks and reorder points, KANBAN policies, and Material Requirements Planning. But it also includes very recent advances in inventory theory, for example, new techniques for multi-echelon inventory systems and Roundy's 98 percent approximation. The book also considers methods for coordinated replenishments of different items, and various practical issues in connection with industrial implementation. The second edition of INVENTORY CONTROL incorporates several new topics. The additions include: alternative forecasting techniques, more material on different stochastic demand processes and how they can be fitted to empirical data, generalized treatment of single-echelon periodic review systems, capacity constrained lot sizing, short sections on lateral trans-shipments and on remanufacturing, coordination and contracts. There are eleven chapters compared to six in the previous version. The explanations of different results are more detailed, and a considerable number of exercises have been added.

Inventory control. --- Production planning. --- Manufacturing planning --- Process planning --- Planning --- Production engineering --- Control, Inventory --- Inventory management --- Stock control --- Business logistics --- Physical distribution of goods --- Production control --- Inventories --- Production management. --- Industrial engineering. --- Operations research. --- Engineering economy. --- Management. --- Organization. --- Operations Management. --- Industrial and Production Engineering. --- Operations Research/Decision Theory. --- Engineering Economics, Organization, Logistics, Marketing. --- Organisation --- Management --- Management engineering --- Simplification in industry --- Engineering --- Value analysis (Cost control) --- Administration --- Industrial relations --- Organization --- Economy, Engineering --- Engineering economics --- Industrial engineering --- Operational analysis --- Operational research --- Management science --- Research --- System theory --- Manufacturing management --- Industrial management --- Production engineering. --- Decision making. --- Engineering economics. --- Planning. --- Creation (Literary, artistic, etc.) --- Executive ability --- Deciding --- Decision (Psychology) --- Decision analysis --- Decision processes --- Making decisions --- Management decisions --- Choice (Psychology) --- Problem solving --- Manufacturing engineering --- Process engineering --- Mechanical engineering --- Decision making

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Modem information technology has created new possibilities for more sophisticated and efficient control of supply chains. Most organizations can reduce their material flow costs substantially. Inventory control techniques are very important components in this development process. A thorough understanding of relevant inventory models is a prerequisite for successful implementation. I hope that this book will be a useful tool in acquiring such an understanding. Nearly ten years ago I wrote a Swedish book on inventory control. This previous book has been used in courses in production and inventory control at several Swed­ ish engineering schools and has also been appreciated by many practitioners in the field. Positive reactions from many readers have occasionally made me contemplate writing a new book in English on the same subject. Encouraging support of this idea from the Kluwer Editors Fred Hillier and Gary Folven finally convinced me to go ahead with the project. The result is this new book, which in many ways differs from its Swedish prede­ cessor. Some differences are due to recent developments in inventory control. Fur­ thermore, this new book is in a sense more theoretical. In particular, it is to a larger extent focused on creating a good basic understanding of different possible ap­ proaches when analyzing inventory models.

Inventory control. --- Production planning. --- Gestion des stocks --- Production --- Planification --- Inventory control --- Production planning --- 658.5 --- Manufacturing planning --- Process planning --- Planning --- Production engineering --- Control, Inventory --- Inventory management --- Stock control --- Business logistics --- Physical distribution of goods --- Production control --- Inventories --- Production engineering and planning. Design. Production management and control --- 658.5 Production engineering and planning. Design. Production management and control --- Production management. --- Operations research. --- Decision making. --- Engineering economics. --- Engineering economy. --- Industrial engineering. --- Production engineering. --- Management. --- Organization. --- Planning. --- Operations Management. --- Operations Research/Decision Theory. --- Engineering Economics, Organization, Logistics, Marketing. --- Industrial and Production Engineering. --- Creation (Literary, artistic, etc.) --- Executive ability --- Management --- Organization --- Organisation --- Administration --- Industrial relations --- Manufacturing engineering --- Process engineering --- Industrial engineering --- Mechanical engineering --- Management engineering --- Simplification in industry --- Engineering --- Value analysis (Cost control) --- Economy, Engineering --- Engineering economics --- Deciding --- Decision (Psychology) --- Decision analysis --- Decision processes --- Making decisions --- Management decisions --- Choice (Psychology) --- Problem solving --- Operational analysis --- Operational research --- Management science --- Research --- System theory --- Manufacturing management --- Industrial management --- Decision making

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Industrial economics --- Operational research. Game theory --- Engineering sciences. Technology --- Production management --- Business management --- bedrijfsplanning --- bedrijfsorganisatie --- management --- speltheorie --- productieorganisatie --- logistiek --- operationeel onderzoek --- industriële marketing --- ingenieurswetenschappen

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