Table Of Content

Inventory Control and Management Donald Waters Inventory Control and Management Inventory Control and Management Donald Waters Copyright2003 JohnWiley&SonsLtd,TheAtrium,SouthernGate,Chichester, WestSussexPO198SQ,England Telephone(+44)1243779777 Email(forordersandcustomerserviceenquiries):[email protected] VisitourHomePageonwww.wileyeurope.comorwww.wiley.com AllRightsReserved.Nopartofthispublicationmaybereproduced,storedinaretrievalsystemor transmittedinanyformorbyanymeans,electronic,mechanical,photocopying,recording,scanning orotherwise,exceptunderthetermsoftheCopyright,DesignsandPatentsAct1988orunderthe termsofalicenceissuedbytheCopyrightLicensingAgencyLtd,90TottenhamCourtRoad,London W1T4LP,UK,withoutthepermissioninwritingofthePublisher.RequeststothePublishershouldbe addressedtothePermissionsDepartment,JohnWiley &SonsLtd,TheAtrium,SouthernGate,Chichester,WestSussexPO198SQ,England,oremailedto [email protected],orfaxedto(+44)1243770620. Thispublicationisdesignedtoprovideaccurateandauthoritativeinformationinregardtothesubject mattercovered.ItissoldontheunderstandingthatthePublisherisnotengagedinrendering professionalservices.Ifprofessionaladviceorotherexpertassistanceisrequired,theservicesofa competentprofessionalshouldbesought. OtherWileyEditorialOffices JohnWiley&SonsInc.,111RiverStreet,Hoboken,NJ07030,USA Jossey-Bass,989MarketStreet,SanFrancisco,CA94103-1741,USA Wiley-VCHVerlagGmbH,Boschstr.12,D-69469Weinheim,Germany JohnWiley&SonsAustraliaLtd,33ParkRoad,Milton,Queensland4064,Australia JohnWiley&Sons(Asia)PteLtd,2ClementiLoop#02-01,JinXingDistripark,Singapore129809 JohnWiley&SonsCanadaLtd,22WorcesterRoad,Etobicoke,Ontario,CanadaM9W1L1 Wileyalsopublishesitsbooksinavarietyofelectronicformats.Somecontentthatappears inprintmaynotbeavailableinelectronicbooks. LibraryofCongressCataloging-in-PublicationData Waters,C.D.J.(C.DonaldJ.),1949– Inventorycontrolandmanagement/byDonaldWaters.–2nded. p.cm. Includesbibliographicalreferencesandindex. ISBN0-470-85876-1(alk.paper) 1.Inventorycontrol.I.Title. TS160.W382003 658.7(cid:1)87–dc21 2003057186 BritishLibraryCataloguinginPublicationData AcataloguerecordforthisbookisavailablefromtheBritishLibrary ISBN0-470-85876-1 Typesetin10/12ptPalatinobyLaserwordsPrivateLimited,Chennai,India PrintedandboundinGreatBritainbyTJInternational,Padstow,Cornwall Thisbookisprintedonacid-freepaperresponsiblymanufacturedfromsustainableforestry inwhichatleasttwotreesareplantedforeachoneusedforpaperproduction. To Jack Contents Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xi PARTI Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 StocksandInventories. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Aimsofthechapter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Stocksofmaterials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Reasonsforholdingstocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Stocksinthesupplychain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Trendsaffectingstock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Changestoaggregatestocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Chapterreview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Discussionquestions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Referencesandfurtherreading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 2 StockswithinanOrganization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Aimsofthechapter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Inventorymanagementandlogistics . . . . . . . . . . . . . . . . . . . . . . . . . 31 Settingtheaimsofinventorymanagement . . . . . . . . . . . . . . . . . . . . . 36 Strategicroleofstock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 Costsofholdingstock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 Approachestoinventorycontrol . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 Chapterreview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 Project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 Discussionquestions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 Referencesandfurtherreading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 viii Contents PARTII MethodsforIndependentDemand. . . . . . . . . . . . . . . . . . . . . . . . 63 3 EconomicOrderQuantity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 Aimsofthechapter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 Definingtheeconomicorderquantity. . . . . . . . . . . . . . . . . . . . . . . . . 65 Adjustingtheeconomicorderquantity . . . . . . . . . . . . . . . . . . . . . . . . 77 Uncertaintyindemandandcosts . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86 Addingafiniteleadtime. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 Chapterreview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 Project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 Problems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 Discussionquestions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 Referencesandfurtherreading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 4 ModelsforKnownDemand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 Aimsofthechapter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 Pricediscountsfromsuppliers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 Finitereplenishmentrate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113 Plannedshortageswithback-orders . . . . . . . . . . . . . . . . . . . . . . . . . . 120 Lostsales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 Constraintsonstock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 Discrete,variabledemand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135 Chapterreview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141 Project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142 Problems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142 Discussionquestions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144 Referencesandfurtherr eading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144 5 ModelsforUncertainDemand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147 Aimsofthechapter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147 Uncertaintyinstocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148 Modelsfordiscretedemand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154 Orderquantitywithshortages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166 Servicelevel. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170 Uncertainleadtimedemand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173 Periodicreviewmethods. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181 Chapterreview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187 Project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188 Problems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188 Discussionquestions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189 Referencesandfurtherreading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190

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Holding stock is expensive - problems of inventory control almost universal. Over the past decade organisations have been trying to improve customer service while lowering stocks and increasing the speed of material flow through their supply chains. This completely updated new edition reviews curren
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Inventory Control and Management Donald Waters Inventory Control and Management Inventory Control and Management Donald Waters Copyright2003 JohnWiley&SonsLtd,TheAtrium,SouthernGate,Chichester, WestSussexPO198SQ,England Telephone(+44)1243779777 Email(forordersandcustomerserviceenquiries):[email protected] VisitourHomePageonwww.wileyeurope.comorwww.wiley.com AllRightsReserved.Nopartofthispublicationmaybereproduced,storedinaretrievalsystemor transmittedinanyformorbyanymeans,electronic,mechanical,photocopying,recording,scanning orotherwise,exceptunderthetermsoftheCopyright,DesignsandPatentsAct1988orunderthe termsofalicenceissuedbytheCopyrightLicensingAgencyLtd,90TottenhamCourtRoad,London W1T4LP,UK,withoutthepermissioninwritingofthePublisher.RequeststothePublishershouldbe addressedtothePermissionsDepartment,JohnWiley &SonsLtd,TheAtrium,SouthernGate,Chichester,WestSussexPO198SQ,England,oremailedto [email protected],orfaxedto(+44)1243770620. Thispublicationisdesignedtoprovideaccurateandauthoritativeinformationinregardtothesubject mattercovered.ItissoldontheunderstandingthatthePublisherisnotengagedinrendering professionalservices.Ifprofessionaladviceorotherexpertassistanceisrequired,theservicesofa competentprofessionalshouldbesought. OtherWileyEditorialOffices JohnWiley&SonsInc.,111RiverStreet,Hoboken,NJ07030,USA Jossey-Bass,989MarketStreet,SanFrancisco,CA94103-1741,USA Wiley-VCHVerlagGmbH,Boschstr.12,D-69469Weinheim,Germany JohnWiley&SonsAustraliaLtd,33ParkRoad,Milton,Queensland4064,Australia JohnWiley&Sons(Asia)PteLtd,2ClementiLoop#02-01,JinXingDistripark,Singapore129809 JohnWiley&SonsCanadaLtd,22WorcesterRoad,Etobicoke,Ontario,CanadaM9W1L1 Wileyalsopublishesitsbooksinavarietyofelectronicformats.Somecontentthatappears inprintmaynotbeavailableinelectronicbooks. LibraryofCongressCataloging-in-PublicationData Waters,C.D.J.(C.DonaldJ.),1949– Inventorycontrolandmanagement/byDonaldWaters.–2nded. p.cm. Includesbibliographicalreferencesandindex. ISBN0-470-85876-1(alk.paper) 1.Inventorycontrol.I.Title. TS160.W382003 658.7(cid:1)87–dc21 2003057186 BritishLibraryCataloguinginPublicationData AcataloguerecordforthisbookisavailablefromtheBritishLibrary ISBN0-470-85876-1 Typesetin10/12ptPalatinobyLaserwordsPrivateLimited,Chennai,India PrintedandboundinGreatBritainbyTJInternational,Padstow,Cornwall Thisbookisprintedonacid-freepaperresponsiblymanufacturedfromsustainableforestry inwhichatleasttwotreesareplantedforeachoneusedforpaperproduction. To Jack Contents Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xi PARTI Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 StocksandInventories. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Aimsofthechapter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Stocksofmaterials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Reasonsforholdingstocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Stocksinthesupplychain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Trendsaffectingstock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Changestoaggregatestocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Chapterreview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Discussionquestions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Referencesandfurtherreading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 2 StockswithinanOrganization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Aimsofthechapter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Inventorymanagementandlogistics . . . . . . . . . . . . . . . . . . . . . . . . . 31 Settingtheaimsofinventorymanagement . . . . . . . . . . . . . . . . . . . . . 36 Strategicroleofstock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 Costsofholdingstock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 Approachestoinventorycontrol . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 Chapterreview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 Project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 Discussionquestions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 Referencesandfurtherreading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 viii Contents PARTII MethodsforIndependentDemand. . . . . . . . . . . . . . . . . . . . . . . . 63 3 EconomicOrderQuantity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 Aimsofthechapter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 Definingtheeconomicorderquantity. . . . . . . . . . . . . . . . . . . . . . . . . 65 Adjustingtheeconomicorderquantity . . . . . . . . . . . . . . . . . . . . . . . . 77 Uncertaintyindemandandcosts . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86 Addingafiniteleadtime. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 Chapterreview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 Project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 Problems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 Discussionquestions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 Referencesandfurtherreading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 4 ModelsforKnownDemand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 Aimsofthechapter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 Pricediscountsfromsuppliers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 Finitereplenishmentrate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113 Plannedshortageswithback-orders . . . . . . . . . . . . . . . . . . . . . . . . . . 120 Lostsales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 Constraintsonstock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 Discrete,variabledemand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135 Chapterreview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141 Project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142 Problems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142 Discussionquestions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144 Referencesandfurtherr eading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144 5 ModelsforUncertainDemand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147 Aimsofthechapter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147 Uncertaintyinstocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148 Modelsfordiscretedemand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154 Orderquantitywithshortages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166 Servicelevel. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170 Uncertainleadtimedemand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173 Periodicreviewmethods. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181 Chapterreview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187 Project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188 Problems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188 Discussionquestions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189 Referencesandfurtherreading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190

Description:
Holding stock is expensive - problems of inventory control almost universal. Over the past decade organisations have been trying to improve customer service while lowering stocks and increasing the speed of material flow through their supply chains. This completely updated new edition reviews curren
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