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Smart Inventory Solutions : Improving the Management of Engineering Materials and Spare Parts - Phillip Slater

Smart Inventory Solutions

Improving the Management of Engineering Materials and Spare Parts

Paperback Published: 15th March 2010
ISBN: 9780831134013
Number Of Pages: 257

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"The second edition includes..."
A new chapter on The Mechanics of Inventory Management, a pragmatic review of the management of inventory including... Introducing the Materials and Inventory Management Cycle, Comparing theoretical and actual inventory outcomes, Discussion on normal and Poisson distribution models, How to determine the re order point, How to determine the re order quantity, and Commentary on Monte Carlo simulation. An expanded chapter on the financial impact of inventory, including a discussion of the key reports that need to be understood. Chapters on the influence of policies, procedures, and people. Additional discussion on issues faced and how to address them. An expansion of the central process discussed in the first edition to a more comprehensive review process...Inventory Process(TM) Optimization. An expanded section on executing an inventory review program. A closing 'where to from here' chapter. 57 figures and diagrams - 30 of them new and the others all revised and updated and six new tables (with 8 in total). Eight new checklists - specifically included as a new tool for the reader and is the result of direct reader requests. An expanded glossary.

Introduction to Smart Inventory Solutionsp. 1
Achieving True Inventory Optimizationp. 1
Inventory: The Forgotten Investmentp. 2
Inventory Process Optimization™p. 4
Management, Reduction, or Optimization?p. 4
Generating Lasting Resultsp. 7
The Mechanics of Inventory Managementp. 9
Simple not Simplisticp. 9
Materials or Inventory?p. 10
Relevant Terms and Expressionsp. 10
What is the Purpose of Having Inventory?p. 12
Why Spares and Indirect Inventory Is Differentp. 13
An Introduction to the Materials & Inventory Management Cyclep. 15
Comparison of Theoretical and Actual Inventory Management and Controlp. 16
Determining the Re-Order Point (ROP)p. 19
Determining the Re-Order Quantity (ROQ)p. 26
A Word on Monte Carlo Simulationp. 29
Do You Hold Too Much Inventory? Check Your Stock Turn Ratiop. 29
The Financial Impact of Inventoryp. 33
Don't Overcompensatep. 33
The Inventory Management Tensionp. 34
Cash Is Kingp. 35
A Simple Model of Business Economicsp. 35
The Four Financial Reports that You Absolutely Must Understandp. 40
How Much Cash Can You Generate?p. 43
People and Processesp. 49
The People Factorp. 49
Adopting a Zero Inventory Mindsetp. 54
The Influence of Processp. 55
Systems Thinkingp. 56
The MIM Cycle in Detailp. 58
Policies & Proceduresp. 63
When is Critical Really Critical?p. 63
The Spares Stocking Policyp. 68
Issues, Myths and a Few Home Truthsp. 77
Why Inventory Reduction Often Failsp. 77
Cracking the Inventory Codep. 78
5 Myths of Inventory Reductionp. 82
Why You Might Hold More Inventory Than You Really Needp. 89
The Spare Parts Storeroomp. 97
The Central Hubp. 97
Squirrel Stores & Why You Would Be Nuts to Keep Themp. 98
MRO and Engineering Spares: Lean, Mean or Somewhere In Between?p. 106
Is Your Storeroom a Pit Stop or a Supermarket?p. 114
The 7 Actions for Inventory Reductionp. 117
The Bath Tub Principlep. 117
Hypothesis Driven Analysisp. 118
Double Loop Learningp. 119
Have Someone Else Hold It and/or Pay For Itp. 121
Sell Excess and Obsolete Stockp. 127
Eliminate Duplicationp. 132
Change the Factors That Drive Safety Stockp. 136
Reduce Reorder Stockp. 141
More Closely Match Delivery with Usagep. 145
Reduce the Value of Items Heldp. 149
Inventory Process Optimization™p. 153
Beware Implicit Assumptionsp. 153
The Inventory Process Optimization™ Methodp. 155
The Individual Parts Reviewp. 158
The Inventory Cash Release® Process
Getting the Focus Right
When to Apply Which Action
The Step-By-Step Process
Example Application of the ICR® Process
Reviewing the Long Tail
The Management Process Reviewp. 182
Execution: Taking Action to Achieve Resultsp. 183
Selecting Your Inventory Review Championp. 185
The Role of Your Inventory Review Championp. 187
Who to Involve in an Inventory Review Programp. 188
The Three Stages of an Inventory Process Optimization™ Programp. 189
Measuring Your Progressp. 202
Integrating New Inventory Itemsp. 203
Integrating Inventory Process Optimization™ with Inventory Managementp. 205
Case Studiesp. 209
Establishing a Materials and Inventory Management Systemp. 211
Applying the Inventory Process Optimization™ Methodp. 217
Where To From Here?p. 225
Bibliographyp. 231
Materials and Inventory Management Glossaryp. 233
Data Collection Questionsp. 251
Indexp. 255
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780831134013
ISBN-10: 0831134011
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 257
Published: 15th March 2010
Publisher: Industrial Press Inc.,U.S.
Country of Publication: US
Dimensions (cm): 22.86 x 15.49  x 2.29
Weight (kg): 0.5
Edition Number: 2
Edition Type: Revised