(For People Who Really Have to Do It)
Volume II in the Useful Management Series
By Robert E. D. (Gene) Woolsey, Ph.D., F.I.D.S.
and Ruth Maurer, Ph.D.
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Inventory Control (For People Who Really Have to Do It) is a cookbook of quick and dirty methods for solving problems in real-world inventory control.
Written by Robert E. D. Woolsey, Ph.D., F.I.D.S. and Ruth Maurer, Ph.D., this book is for bottom- to mid-level managers, third-world countries, and small businesses where computers are either too expensive or labor is too cheap or too uneducated to justify anything but the use of common sense. It is also aimed at unpretentious community colleges and business schools that want to teach people something they can use!
The book begins by taking on the most used (wrongly) method in the inventory world the economic order quantity. The authors point out that this method (like any other) depends on data you can trust, such as delivery dates and the real need dates seldom given to you by salespeople. The book tries to warn the unwary reader that every method carries a bag of assumptions that need to be carefully addressed before using these methods. A number of chapters on political aspects of inventory control based on the authors' experiences are included.
Click here to read the preface of Inventory Control (For People Who Really Have to Do It).
Gene Woolsey is the director of the Management Science/Operations Research Program at the Colorado School of Mines. He is past elected International President of the Institute of Management Sciences. He is the first recipient of the Harold Larnder Prize for Distinguished International Achievement in Operations Research. He was formerly the editor of the Production and Inventory Management Journal (72,000 circulation in 125 countries). He also holds teaching positions at seven other universities in four countries. For the past decade, he has worked Pro Bono for any government agency of any government of sufficiently conservative, capitalist form with which he politically agrees. For this work he was decorated by the government of Israel and holds the Distinguished Civilian Service Medal of the United States.
Ruth Maurer is associate professor of mathematics (Operations Research/Applied Probability) at the Colorado School of Mines. She is former mayor of the city of Golden. She was the consulting energy economist for the First Interstate Bank of Denver and was visiting professor of engineering at the United States Military Academy at West Point. For her Pro Bono consulting work for the Department of the Army, she was awarded the Outstanding Civilian Service Medal and the Commander's Medal. She led the effort to implement emergency telephone service in Jefferson County.
Table of Contents
- Preface: Questions and Answers About This Book
- Chapter 1. A Requiem for the EOQ
- The Economic Order Quantity Model
- Learning the Model and the First Experience of Reality
- Killing the EOQ Vampire, the Silver Stake Method
- The Cost of the Item
- The Holding Rate
- The Setup or Ordering Cost
- The Annual Demand or Annual Requirement
- Chapter 2. Lot Sizing Methods of Inventory Control
- What This Chapter Is For
- The Economic Order Quantity Method
- Periodic Order Quantity
- Part-Period Balancing
- Dynamic Programming
- The Method of Silver and Meal
- A Better Silver and Meal Method
- Silver and Meal Quick and Dirty Fill-In-The Blank Inventory Form
- First Silver and Meal Nomogram Example
- Second Silver and Meal Nomogram Example
- Silver and Meal Nomograph Example
- Greening's Nomograph for Forecasted Demands
- When Do I Use Which Method?
- Chapter 3. The Woolsey Never-Fail Spare Parts Reduction Method
- If You're Using the EOQ, At Least Do it Right!
- Setting the Scene
- With the Computer Jocks and What Happened There
- The Long Awaited Recalculation and What Happened Then
- Icing on the Cake Recalculating the Order Point
- Final Warnings and Suggestions
- Flowchart of the Woolsey Never-Fail Spare Parts Reduction Method
- Inventory Example Problems
- The Learning Organization
- Chapter 4. El Pistolero del Inventorio
- La Problema y Zopilote
- Venustusiano Oso
- Una Pregunta por Las Gerentes
- El Neuvo Metodo
- El Rey
- Mas Preguntas de Importancia
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